Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly seeks to transform the Japanese capital city into a “trading center” for cryptos. Yuu Ito, the third term assembly member in question, commented about the possibility of bolstering Tokyo’s financial sector by increasing its involvement with the crypto-related business.
Tokyo aims to become a trading center for crypto.
The statement from Yuu Ito comes after the recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo. Ito also pointed out challenges Tokyo faces to compete with other major financial hubs, like London, Macau, and Hong Kong. He believes high rates in bitcoin tax might have deterred investors and companies from being active in Japan and that significant action is necessary to advance the industry domestically. Several countries across the world are getting into regulating cryptocurrencies following the massive winning rally of bitcoin and other altcoins this year.
“The country is printing deficit-financing bonds in the wake of the corona.”
Nobuko Irie, a fellow Tokyo Metropolitan Assembly member, commented in a similar vein, “The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy.” She praised how bitcoin adoption has been skyrocketing globally but also raised concerns on how politicians are handling the matter. She added, Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to use it tax-free in the city.”