Japan has suggested a common digital currency to be used on the contested territory of Kuril islands. The suggestion is that the new regional digital
Japan has suggested a common digital currency to be used on the contested territory of Kuril islands. The suggestion is that the new regional digital currency will replace the Russian ruble and the Japanese yen.
Russia and Japan has had a decade long dispute over the Kuril islands. Located in the north-east of Japan, all of the islands are currently controlled by Russia. However, Japan claims that four of the islands (out of a group of 56) belong to its territory.
As for the islands themselves, they have almost 20,000 inhabitants and a flourishing economy that relies on fishing trade.
In December last year, Russia and Japan made a step forward and reached an agreement on joint economic activities in the southern Kuril islands.
Following the agreement, Japan has proposed several joint projects in different sectors like fisheries and tourism. In addition, they have suggested the launch of a common cryptocurrency to be used on the southern Kuril islands and Japan`s northern island of Hokkaido.
“Of course, we believe such projects can only be implemented if they do not contradict Russian law. We are ready to study and assess Japan’s proposals.”, commented Russian Foreign Ministry spokeswoman Maria Zakharova, as quoted by cryptocoinnews.com.
It should be noted that Russia has recently taken a strong stance against digital currencies adoptation in the country. The amendment to the Criminal Code by the Ministry of Finance in Russia threatens bitcoin users with imprisonment and serious penalties, as cryptocoinnews.com wrote earlier.
On the other hand, Japan has passed a bill that addresses the possible future legislation of bitcoin and other virtual currencies.