Sanae Takaichi, the Internal Affairs and Communications Minister of Japan announced that the virtual currency is not considered as official money. Nevertheless, politicians can accept cryptocurrency in the form of donation, legally, without needing to disclose the details.
Although the politicians are not restricted to a maximum amount of donation that can be received in crypto, they will be answerable when they switch it to fiat money. Once cryptocurrency is recognized and accepted, Japanese politicians with crypto donations will be put to take up taxonomy.
In such a situation, it is not easy for the Japanese politicians to get away from it as Japan’s digital currency industry is strictly regulated by the Financial Services Agency. It is noteworthy that almost a hundred exchanges sought authorization for launching in July.