A Tokyo Metropolitan Assembly member wants to transform the Japanese capital Tokyo into a cryptocurrency trading hub.
Japan is rapidly becoming a hotspot for the cryptocurrency industry, and a lawmaker in the capital city is hoping to accelerate the trend. A Tokyo Metropolitan Assembly member wants to transform the Japanese capital city into a crypto trading hub. Yuu Ito, the third-term assembly member in question, expressed interest in bolstering Tokyo’s financial sector by growing its presence in the crypto-related market.
Tokyo aspires to be a crypto trading hub
Yuu Ito’s comment follows the governor of Tokyo, Yuriko Koike’s, recent support for economic plans. It also mentioned the difficulties Tokyo faces in competing with other major financial hubs such as London, Macau, and Hong Kong. He claims that high bitcoin tax rates have discouraged investors and companies from becoming involved in Japan and that substantial action is needed to advance the industry domestically. Following the huge winning rally of bitcoin and other altcoins this year, many countries worldwide are attempting to regulate cryptocurrencies.
In the aftermath of the corona, the nation is printing deficit-financing bonds
In a similar vein, Nobuko Irie, a Tokyo Metropolitan Assembly member, said,
“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 lauded the global acceptance of bitcoin but expressed concern about how policymakers approach the problem. She went on to say that politicians should now address the issues of monetary policy and taxation surrounding bitcoin. If you do it in the country, you will lose your sense of speed, so set up a special zone in Tokyo where you can use it tax-free.