by Ewa Nowogorski
In Japanese, cryptocurrency is “暗号通貨” (angoutsuuka). Japan has a really progressive and liberal outlook on cryptocurrency. You can use bitcoin now to pay for shopping in certain major stores in big cities and it is recognized as legal property.
However, cryptocurrency is under Japanese law not treated as money or considered fiat currency, so it is not supported by the government or central bank of Japan.
The average Japanese person is too overworked and exhausted to show much interest in crypto. They know the bare minimum, and may occasionally follow the rise and falls of bitcoin, the most successful cryptocurrency to date. They might make remarks about how if they knew about such a thing happening with crypto, they would have bought a bunch and be millionaires now. But it is the usual hindsight regretful thinking that I’m sure all people have.
It seems that Japanese people hear about crypto a lot on the news and think that the crypto markets are still generally unstable. For most, it’s a world full of mystery and risk. Investing in crypto is viewed almost as gambling, and the initial investment required to start investing is perceived to be just too high for most people to afford.