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.
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.
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%.