Japan Intends to be World Leader in Crypto Market

Number of experts believe that despite all difficulties, Japan plans to become the "Bitcoin capital of the world"
06 February 2018   347

Despite a number of serious cyber attacks on large crypto exchanges, Japan continues to attract capital to popularize cryptocurrencies and is seeking to take a leading position in this market. This is reported in interview to The Daily Express by a number of experts in the field of investment.

In their opinion, Japan is not going to abandon its plan to become the first country in which the crypto currency will become absolutely legal.

There are estimates that tax revenue from the cryptocurrency business, including capital gains taxes from individual investors and from corporations, could amount to 1 trillion yen (US$9.2 billion), though that is very speculative at this stage.

Takashi Shiono

Economist, Credit Suisse in Tokyo

The government of the country expects that the capitalization of the growing interest in crypto-currencies will be an excellent foundation for the entire Japanese economy.

The government's strategy is to attract international investors with the maximum freedom of cryptocurrency in this country, while the whole world will try to limit it by various means, experts say.

But there is also an opposite opinion.

There has to be more oversight and I think it may lead to more regular audits of exchanges. The FSA needs to create a level of assurance … but I can’t see it putting so much of a fence around cryptocurrency that it can’t grow.

Scott Gentry 

Founder, FreeAbound

According to various estimates, cryptocurrencies can contribute about 0.3% to the growth of Japan's GDP. The total growth of the country's GDP this year could be about 20%.

Electroneum to update its blockchain

Electroneum announced that new code will be released on May 30 as its blockchain reaches Block 307500
26 April 2018   50

Electroneum announced its fork is scheduled to take place at block 307500 on May 30. The fork is special as it will not result in two currencies: this is achieved by allowing all the exchanges and pools to update their software in advance. The update covers the following aspects

  • anti-ASIC code:

the implementation of such code will ensure security against any network attack

  • increase of transfer fee:

to ensure Electroneum blockchain withstands blockchain flooding, base fee will be increased to 0.1 ETN

  • block size increase before penalty:

the increase will allow miners to scale the blocks faster and get more transactions into a block

  • disabling of RingCT and Mixin:

disabling some privacy features with letting wallets remain private will get a less wait to fit a transaction into a block and a leaner blockchain size

  • 3 days mempool life:

it will ensure a reduction of the possibility of the returned transactions

Readers will be able to find the rest of the remaining details of the update here. As for the market indicators for Electroneum, here is what they look like at the moment of publication:

  • Average price   $0.024453
  • Market cap         $166,770,279
  • Volume (24H)    $1,234,100