Which country has officially recognized Bitcoin and digital currencies as legal money?


Which country has officially recognized Bitcoin and digital currencies as legal money?

[A] Australia

[B] China

[C] North Korea

[D] Japan

Answer and Answer Explanation

Correct Answer: D [Japan ]

Answer Explanation: Japan has officially recognized bitcoin and digital currencies as legal money with effect from April 1, 2017, which will help the integration of digital currency into the legacy banking system through regulation. Thus, as per new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to crypto-currency exchange platforms. They will be required to comply with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection