Reports indicate that The Japenese Cabinet has recently approved a set of bills meant to allow banking groups to recognize digital currencies as having functions similar to those of fiat, while also allowing them to further expand their information technology businesses.
With this in mind, the revised banking bills will now allow banks and other financial institutions to acquire IT ventures, thus promoting the evolution of fintech, and allowing banks to try out new settlement systems and services promoted by fintech companies. This will lead to banking groups better consolidating their fund management systems, while also improving their overall efficiency.
As Bitcoin and other digital currencies are now considered asset-like values, they can be used for sending and receiving payments via the internet.
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