Forex Trading For Bitcoin Could Hit Japan ‘Within Months’

The foreign exchange markets see trillions in international currency trading daily. But with digital currency Bitcoin’s value continuing to soar, there as yet remains little in the way of a developed wholesale market.

But according to some industry players, that could be about to change. Forex trading for Bitcoin in Japan could be just around the corner, in a move that would open up Bitcoin markets to significant volume traders and investors for the first time.

Delegates from Japanese blockchain startups and developers met with their counterparts in New York for an innovation summit on the technology, reaching the conclusion that wholesale trade in Japan could be just a matter of months away.

With Japanese regulators preparing for the rollout of new laws and compliance procedures, it is anticipated that the more supportive environment for Bitcoin could lead to an explosion in interest from investors, funds and wholesale traders, with only a matter of months before the new changes come into force.

The innovation summit saw Bitcoin startup CEOs in a roundtable event, where each was able to give their own take on unfolding industry developments. By far the most significant was the regulatory change pending in Japan, which has influenced several of those involved to pivot from a consumer- to an enterprise-level focus within their business.

Bitcoin trading is currently conducted on specialist bitcoin exchanges, where buyers and sellers meet to transact and establish a market price for the currency. However, as Bitcoin remains outside of the investment mainstream, it is still plagued by volatility, with prices often swinging wildly in the market.

As Bitcoin becomes more widely recognized and supported as a currency across the world, the move to listing Bitcoin on forex markets is seen as a defining landmark for the digital currency.

Bitcoin relies on the blockchain, a distributed ledger that automatically records transactional details and real-time ownership of assets in a decentralized way, independent of banks or governments.

Aside from powering Bitcoin and other digital currencies, blockchain technology is anticipated to have a potentially significant impact on a number of other industry sectors, improving security while reducing transactional and administration costs.