Japan recognizes Bitcoin as legal tender

Japan officially recognized Bitcoin as a legal tender on April 1, 2017, when the country’s Payment Services Act was amended. This groundbreaking move by Japan was one of the first instances of a major economy taking such a step, signaling a significant shift in the perception and acceptance of Bitcoin.

 

The amendment to the Payment Services Act allowed Bitcoin and other cryptocurrencies to be used legally for transactions and payments. The change also established a regulatory framework for cryptocurrency exchanges, enhancing security and consumer protection. This recognition by the Japanese government provided a boost to the legitimacy of Bitcoin and was seen as a positive development for the cryptocurrency market globally.