Singapore, SINGAPORE – Based on statistics of markets and exchanges registered on Coinhills. The Japanese Yen has bum-rushed the podium as the most traded Bitcoin (BTC) to FIAT currency. At press time, 463,263.07 worth of BTC was traded in Japanese Yen (JPY) versus 434,919.66 BTC denominated in USD over the last 24-hour stretch and counting. Jointly, both major currencies constitute close to 95% of all BTC trading in a day.
By comparison, the rest of the field account for only 2% of total trading with the Korean Won, Euro and British Pound notably cornering what’s left of the top five. At number 11 is the Indonesian Rupiah The only South East Asian currency to rap on the door.
During December last year, Japan’s Financial Services Agency (FSA) received more than 190 applications to register as cryptocurrency exchange operators. The FSA has taken a passive stance in terms of not intervene in the crypto industry at large but anoint self-regulatory status that will require regulatory measures for ICOs to curb illegal activities.
Will this trading anomaly in Japanese Yen continues is anyone’s guesstimate, but one certainty is that optimism is turning many into BTC believers. And the country is betting big on blockchain as a driver of economic growth with industries such as shipping trialling blockchain application as a logistical tool and also digital cash. Banks are also thinking ahead with a blockchain-based real-time settlement with Fujitsu. And who can forget financial services conglomerate SBI Group looking into crypto exchange wallets?
This is a surge that’s almost double the trading volume just a month ago. Google has lifted the ban on cryptocurrency advertising in the country and exchanges such as Huobi Japan is looking to capitalise on what are currently favourable circumstances to expand their user base. There’s also the possibility that crypto ETFs will come into play soon.