Japan is steadily becoming an area of ​​concern for the cryptocurrency industry, and a politician in the capital is seeking to strengthen this trend. Members of the Tokyo Metropolitan Assembly hope to transform the Japanese capital into a “trading center” for cryptocurrencies.

Blockchain as a “growth strategy” to build an industrial center

The third member of Parliament Yuu Ito commented on the possibility of strengthening the city’s financial sector by increasing its involvement in the digital asset business.

Before the announcement, Tokyo Governor Yuriko Koike announced his recent support for the economic plan. Ito also pointed out that Tokyo will face challenges in competing with other major financial centers such as London, Macau and Hong Kong. He believes that high Bitcoin (BTC) taxes may prevent investors and companies from being active in Japan, so it is necessary to take major actions to promote the development of the industry in the country.

Tokyo Metropolitan Assembly Member Nobuko Irie also made similar comments:

The country is printing deficit financing bonds after the corona. Even in Tokyo, we must create new financial resources by setting up wealth-generating technologies (such as blockchain) as a growth strategy.

Ensure a healthy tax environment for Bitcoin

She praised the rapid rise in Bitcoin’s global popularity, but raised concerns about how politicians would handle the matter. Here, she urgently described the necessary measures for Tokyo to become a cryptocurrency trading center:

Politicians should now resolve the monetary policy and taxation issues surrounding Bitcoin. If you do this nationwide, you will lose the sense of speed, so create a special area in Tokyo to use it tax-free in the city. I think the job of a politician is to identify problems at runtime and solve them systematically.

Irie also emphasized that the coronavirus is an opportunity to accelerate the adaptive adoption of policies, while creating a healthy environment to develop Tokyo’s crypto trading center:

When we have to reverse the economy, we need to establish a mechanism to prevent money from being retained. For this, virtual currency and blockchain can be used. Based on the facts I learned this time, I think it is necessary to speed up.

What is your opinion on the plan proposed by the Tokyo Congressmen? Let us know in the comments section below.

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