Home Column Japan Cryptocurrency User Association(JCUA) Establishment ①

Japan Cryptocurrency User Association(JCUA) Establishment ①

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  • Established on May 22(Bitcoin Pizza Day)  2018
  • Supporting Cryptocurrency Users

Japan Cryptocurrency User Association(JCUA) has been esablished on May 22 2018, according to its press release.
An American programmer wanted to buy something with cryptocurrency since there was no use around 10 years ago. He asked the pizza store to exchange 2 pizzas with 10,000 Bitcoins, and the pizzas arrived on May 22, 2010. So, the day has been named as Bitcoin Pizza Day since then.
JCUA decided to launch its Association on the anniversary of the day a payment was made by cryptocurrency for the first time.
The cryptocurrency industry has grown through different events, accidents and incidents.
In Japan, the use of cryptocurrency is still mainly headed towards investment but the number of stores and services that allow cryptocurrency as a method of payment is gradually increasing, with a number of over 50,000 stores as of March 2018. As big banks are heading towards cashless system to adapt to Internet of Things(IoT) society, services and payments using Blockchains, or a a base technology for cryptocurrency, would be further expected.
16 firms, received the license from Financial Services Agency(FSA) as cryptocurrency Exchange, established “Japan Cryptocurrency Business Association (General Incorporated Association)” on March 29 2018, aiming to be certified as Voluntary Restraint Institution of Article 87 of Fund Settlement Law by installing rules and recovering trust.
However, looking at users protection perspective, business operators are at the center of organization, related to cryptocurrency. There are no organizations which stand from the viewpoint of the users.
P2P (peer-to-peer) Network is one of the base technologies, which was developed through the use of network to connect individuals. There is a need to make trading safer by standing on the side of users. There is an urgent need for the current system allowing relative transaction and ICO (Initial Coin Offering) which does not require authorization and registration to become safer for traders or participants.