Korean and Japanese Officials: Virtual Currencies Are Not Proven

Yesterday, top financial officials in both Japan and South Korea came to a similar conclusion: as they stand now, cryptocurrencies cannot be considered legitimate currencies. The statements come from countries where Bitcoin and other cryptocurrencies are quite popular in the public sphere, and they come from governments that have been relatively proactive in establishing a clear legal framework for the digital assets. An Alternative to Fiat? Not Yet As originally reported by Reuters, Japan’s minister of finance, Taro Aso, indicated that Bitcoin has not proven itself to be a reliable form of currency.  The minister made it clear, though, that