Japan recognized Bitcoin as legal tender and as reported in website jpbitcoin.com, ‘one third of global bitcoin transactions were denominated in Yen during December’. Bitcoin and other digital currencies were approved in Japan to operate as a legal tender. Popular business entities in Japan have also started to accept bitcoin payments.
The Japanese Finance analyst, Nomura, claims that bitcoin could contribute an addition of 0.3% to the Gross Domestic Product (GDP) of Japan. It revealed that there are huge numbers of bitcoin investors in Japan which Nomura coined to have “measurable effect” on the GDP.