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Japan: multiple fold increase in crypto interests – inquiries up by 170 percent

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Lately, the Consumer Affairs Agency (CAA), which is the administrative authority of the Cabinet Office dedicated towards consumer welfare and protection, has been receiving an incessant number of inquiries relating to cryptocurrencies and blockchain. The year 2018 has seen one hundred and seventy percent (170%) escalation in crypto-related queries.

In its report submitted to Cabinet Office, CAA publishes matters related to consumer rights protection and growing concerns over cryptocurrency’s usage. While the Whitepaper on Consumer Affairs for the year 2018 was recently translated to English, the 2019 English version is yet to be released.

Consumers cannot seem to stop contemplating over crypto markets

According to the CAA’s analysis, consumers are seeking agency’s help over questions revolving around reliability and credibility of crypto transactions, clarity on refunds, concerns over anonymity, technical glitches during logins and payment processing, and inapproachable crypto vendors.

1.7 increase as compared to last year

Owing to increased curiosity over crypto exchanges, CAA reported roughly 3,657 cases pertaining to bitcoin and its fringe benefits. Although the year 2017 showed an increased growth rate of crypto queries, Cointelegraph Japan ascertains that the interest in digital money hasn’t mitigated.

A decline in bitcoin trading inquiries

Meanwhile, the CAA’s report further goes on to unveil that Japanese investors show no more fascination about bitcoin trading. Questioning on bitcoin investments plummeted significantly in the third quarter of 2018. Financial Services Agency, the Japanese government-appointed agency for overseeing financial services in the country, published a report last year that indicated a considerable fall in investment inquiries in both quarters.

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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