It has been more than a decade since Bitcoin (BTC) has been fighting off the resistance and negative comments from the regulatory authorities. The majority of the regulatory authorities criticize Bitcoin (BTC) for its volatile and uncertain nature.
For some of the regulatory authorities, the reason behind the resistance is pressure from the traditional financial institutions. Every country wants to save and protect the integrity of its traditional finances and its fiat currency system.
Therefore, the largest cryptocurrency is perceived as a competitor that is unregulated and has the potential to ruin a country’s economy. This is the reason why regulatory authorities from all over the world are on their toes and are trying to take it down day and night.
Despite all the pressure and negativity the Bitcoin (BTC) industry has observed and faced from countries such as China, UK, and the USA, the country always had the support of other countries.
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Countries such as Russia, Japan, South Korea, Nigeria, and many more have welcomed Bitcoin (BTC) and altcoins with open arms. The industry has observed a lot of support from the regulatory authorities from these countries, which kept it going.
However, a regulatory authority from Japan has dropped alarming news on the Bitcoin (BTC) industry in the country. The regulatory authority from Japan has talked about Bitcoin’s impact on local as well as international platforms.
According to reports, the governor of the Bank of Japan, Haruhiko Kuroda, has recently released a statement about Bitcoin (BTC). Kuroda’s statement has been heard by the cryptocurrency and Bitcoin (BTC) community from all over the world.
Since his statement on Thursday, May 27, 2021, the entire Bitcoin (BTC) community in Japan is fearing for the future of digital assets in the country.
The reports suggest that Kuroda has talked about the uncertainty, risk, danger, and volatility of the largest cryptocurrency in the world. Kuroda has spoken the mind of every regulatory authority in the world when it comes to Bitcoin (BTC) and altcoins.
He has talked about the risks Bitcoin (BTC) poses on the economy of the country as well as the entire world. As per him, Bitcoin (BTC) is an asset without any physical presence, yet it has gained tremendous growth and adoption rate in the country.
Even some of the most common people in the country are now talking about Bitcoin (BTC) and thinking about investing in it. Despite all the regulatory checks and systems in place from the Japanese regulators, many transactions are still being processed without any reporting.
Therefore, the country is unable to impose any taxes or charges on such transactions, which is resulting in the country losing a lot of revenue. Such people are solely making their investments in Bitcoin (BTC) and are successfully hiding their assets.
On top of that, Bitcoin (BTC) is extremely volatile and unreliable as an investment asset. He used the recent developments in the market capitalization and price of Bitcoin (BTC). Stating that a month back, it was flying high and now it is at the bottom, resulting in millions of people losing their investments and their profits.