The popular virtual currency Bitcoin isn't actually a currency, according to the Japanese government.
The country's cabinet approved an official document on Thursday that stated, "Bitcoin isn't a currency" and therefore won't be regulated as such, according to The Wall Street Journal. Additionally, commercial banks are forbidden from providing the digital currency to customers.
The main rub for the Japanese government is that Bitcoin isn't regulated by any official body. And, it's unclear which ministry would provide oversight of the cryptocurrency and how that ministry would go about putting regulations in place.… Read more