Bitcoin Takes the Lead for Remittances in China

Sunny Wang, representing Longmen Capital in Japan, emphasized that Bitcoin (BTC) has become the go-to option for international remittances in China. It’s quicker, cheaper, and has knocked down barriers that traditional banks like to guard with a venomous grip. Noticing how the ongoing US-China trade tensions and the weakening renminbi are prompting more people to invest in Bitcoin, Wang believes this scenario is a boon for the cryptocurrency’s uptake. Talk about turning a trade war into a trade win!

Japan’s Finance Minister Stays Crypto-Friendly

In more upbeat news, Japan’s Finance Minister and Deputy Prime Minister, Taro Aso, has retained his position after a cabinet reshuffle. He has previously won accolades for his progressive attitude towards cryptocurrency, often championing the need for rapid regulatory responses, especially to counteract threats like Facebook’s Libra. Clearly, Aso is not one to stay in the comfort zone!

Libra: The Wake-Up Call for Regulators

Speaking of Libra, Ryozo Himino, Japan’s International Financial Deputy Counselor, recently portrayed it as a “metaphorical alarm clock” that has jolted central banks into action. At a roundtable discussion held by Japan’s Financial Services Agency (FSA), Himino expressed that Libra’s ambition could have unexpected consequences that regulatory bodies must address quickly. Honestly, can anyone get enough of metaphors on a Wednesday?

Bitcoin’s Dominance and XRP Grows

According to the Japan Virtual Currency Exchange Association (JVCEA), Bitcoin holdings in yen have outpaced XRP holdings since April, although XRP (the underdog) is seeing its number of holdings creep up. In this weird and wonderful world of cryptocurrencies, MonaCoin (MONA) is the third most popular coin in Japan, trailing behind Bitcoin and XRP. Who knew the big three could rename themselves the ‘triangle of crypto’?

Coincheck’s New Executive Vice President

To cap things off, Koichiro Wada, co-founder of Japanese cryptocurrency exchange Coincheck, has stepped into the role of executive vice president. This change is set to enhance the decision-making processes within the exchange, especially after their infamous record-breaking hack in 2018. Let’s hope they can figure out how to securely navigate through these crypto waves moving forward!