Japan Accepts Bitcoin as Legal Payment Method

Many companies expressed concern that the government has not provided guidance for the accounting of cryptocurrencies.

Chikako Suzuki, a partner at PwC Aarata, told Nikkei Asian Review there is a risk that companies holding virtual currency could have incorrect valuations and could suddenly suffer major losses.

Approximately $1.7 billion of cryptocurrency, including bitcoin, Litecoin, Ripple and other cryptocurrencies, circulated across Japan two years ago. A Fuji Chimera Research Institute study projects this number to reach $9 billion by 2020.