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Japan’s Cryptocurrency Business Association plans for August Guidelines

With a quite bit increased interest of investors and traders in digital currency, Since April 2017, Japan is now accepting Bitcoin as a form of Payment. Japanese Bitcoin businesses are preparing for the upcoming Bitcoin upgrade – Blockchain split that will happen in two weeks.

As per Nikkei Asian Review – One day to one week is probable time considering by Japan Cryptocurrency Business Association (JCBA) towards the “freeze on Bitcoin transactions”.

The JCBA organization further says it intended to

“actively investigate and research necessary information, consolidate knowledge and exchange opinions, and aim for sound industry development in Japan”.

The association further says, it has made up of 14 regional cryptocurrency exchanges to “protect customer assets.”

Japanese Exchanges Detail Suspensions and Decision Announcements

However, the publication looks over the Bitflyer-decision of which is still undecided. Although announcement of this trading platform will release the next week.

The Bitbank and Tech Bureau – Japanese Exchange will allow detailed trading but withdrawals and deposits of this will be suspended until the event is resolved.

The Japanese Exchanges and JCBA follows GDAX exchange announcement on July 13. It announces the suspension of withdrawals and deposits on August 1 and the possibility of uncertain trades along with. Adam White-GDAX executive says, technical risks and possibility of “network instability” is the reason behind this decision.

Data Analyst from Japanese trading platform Fisco – Masayuki Tashiro stated “

If there really is a fork, some transaction records could disappear”

Although, there is a possibility that nothing can be happen on August 1 and as past March, the industry is simply playing it safe.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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