Japan to propose recognizing Bitcoin as a currency

FX168 News: Bitcoin prices surged in the Asian session on Monday (February 26), continuing yesterday's upward trend.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) rose from below 426 to above 434 yesterday, and further soared to 438 in the Asian session of this trading day.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) soared from 386 to above 394 yesterday, and traded at around 394 at the high point of the Asian session this trading day.

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

The quotes released by Huobi.com show that Bitcoin/CNY soared from 2788 to above 2900 yesterday, and further rose to around 2940 in the Asian session of this trading day.

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

In terms of industry, the Japanese Liberal Democratic Party plans to submit a bill proposing to recognize the currency status of Bitcoin and other cryptocurrencies. Tomonori Kanda, a financial officer at the Liberal Democratic Party headquarters, said that the possibility of legislation had been discussed internally by the Liberal Democratic Party on February 24 and the bill will be submitted to the Diet.

However, Japan's Financial Services Agency (FSA) did not confirm the matter. An FSA official said that any legal changes must first be approved by Congress, and the FSA has not confirmed anything at present.

At 12:45 Beijing time on February 29, Bitcoin/USD was 435.38, Bitcoin/Euro was 393.66, and Bitcoin/RMB was 2916.90.