Does 85% of Exchange Holding in Japan Come Under XRP and Bitcoin?

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Harsha Puvvala
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.

Does 85% of Exchange Holding in Japan Come Under XRP and Bitcoin?

  • Japan has been one of the major factors for Asian dominance in the cryptocurrency world.
  • The peoples’ republic at one stage had the largest Bitcoin transaction volume and a good amount of individuals invested in the cryptocurrency.
  • A survey this year  proved that just 33% of the whole country’s 127 million population is willing to accept the cryptocurrency.

Does 85% of Exchange holding in Japan come under XRP and Bitcoin? Japan is an interesting case study of cryptocurrency exchanges as the country has already suffered two biggest exchange hacks in history, namely Mt.Gox and Coincheck. The Japanese government started cracking down heavily on exchanges.

Japan has been one of the major factors for Asian dominance in the cryptocurrency world. The situation of cryptocurrencies in Japan seems to have evolved massively and the country was trying to overcome all the negatives to utilize all the advantages of cryptocurrencies.   

Business improvement orders were given out across the country’s exchange ecosystem to force the companies to offer safe, secure and effective cryptocurrency service. Some of the companies which were unable to provide these services would shut down and others combine to form a committee.

We can say that China was probably the first cryptocurrency superpower. The peoples’ republic at one stage had the largest Bitcoin transaction volume and a good amount of individuals invested in the cryptocurrency.

however also it was the original country that pioneered outright banning within the cryptocurrency ecosystem. It even extended to setting up “the great firewall” to block access to foreign exchanges for the Chinese population. Japan’s acceptance of cryptocurrency exchange has led to 21 crypto exchanges being registered, fully functioning and serving the needs of investors.

However, these exchanges were argued to be less safe when compared with exchanges in other countries. According to the reports, Japan is still not in a good blockchain adoption state. A survey this year  proved that just 33% of the whole country’s 127 million population is willing to accept the cryptocurrency.

From the reports and past records, we can say that there are only 2 million Japanese people involved in cryptocurrency exchange out of 127 million people, this made up only 1.5% XRP, followedby Bitcoinwith holding of 30% and dominance among altcoins in holding is 68%.

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