20 April 2017 (15:42 UTC-07 Tango 06) 31 Farvardin 1396/23 Rajab 1438/24 Jia Chen 4715
At the beginning of April, Nippon (Japan) legalized the use of Bitcoin, and other cryptocurrencies, and immediately two major retailers announced they would accept customer’s Bitcoins. Now the city of Hirosaki announced it would accept Bitcoins for their Save the Cherry Blossoms charity.
The value of Bitcoins has skyrocketed since Nippon legalized its use. Nippon is the first country to legally, officially, recognize cryptocurrencies as money.
The next big move to watch in the cyrptocurrency revolution is Россия (Rossiya aka Russia). In 2014 Rossiya banned the use of such money, but towards the end of last year the Федеральная налоговая служба, ФНС России (Rossiya Federal Tax Service) reversed the ban, saying bitcoins are not illegal. Rossiya Deputy Finance Minister Alexey Moiseev even said cryptocurrencies could become legally (officially) recognized by 2018.
What is money? Money is not a real tangible thing, it’s whatever a government accepts as money based on a value system. In ancient times the first money systems used shells then grain crops and even salt as ‘money’. Then came coins minted by the first empires, and thousands of years later paper money and something called credit. For a long time governments (which includes religions) tied the value of their money to the value of a precious metal like gold, but between 1971-73 U.S. President Richard Nixon changed that. Nixon and his cohorts United Kingdom (British empire) and Kingdom of Saudi Arabia (also connected to the British empire) conspired to create a new money system tied to petroleum oil called the PetroDollar system.
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