Japan proposes to define and regulate Bitcoin transactions

Bitcoin prices fluctuated narrowly in the Asian session on Monday (March 7), showing a mixed trend of gains and losses.

The quotes released by BITSTAMP showed that Bitcoin/ US dollar (XBT/USD) fell sharply from around 423 to below 410 on Friday, and fluctuated around 405 in the Asian session of this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/ Euro (XBT/EUR) fell sharply from around 387 to around 370 on Friday, and fluctuated below 370 in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com showed that Bitcoin/ CNY fluctuated higher to 2748 on Friday, and then retreated slightly from that point, falling into a narrow trading pattern in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

On the industry front, media reports pointed out that Japan proposed to define Bitcoin to regulate transactions.

According to reports, Japan's bicameral parliament has recently proposed amending existing laws, including defining virtual currencies in accordance with domestic laws.

According to the Nikkei report, the virtual currency's "asset-like value" and its ability to be used for online payments were emphasized. The report considered Bitcoin to be similar to legal tender such as the U.S. dollar and the Japanese yen .

If passed, the amendment would mean cryptocurrency exchanges would be able to register with the country’s top financial regulator, the Financial Services Agency (FSA), a move lawmakers see as a way to improve industry oversight and prevent money laundering and terrorism financing.

At 13:40 Beijing time on March 7, Bitcoin/USD was 404.84, Bitcoin/Euro was 368.56, and Bitcoin/ RMB was 2714.00.