An interesting new initiative is taking place in Japan, where Bitcoin enthusiasts have taken it upon themselves to distributed physical bitcoins to the masses. Every individual Satori Coin is loaded with a marginal amount of Bitcoin, in the hopes of spreading the word on digital currency in the country. However, there is a question as to whether or not this can get people in trouble as they could be labeled as being a money transmitter.
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Satori Coin Takes Over Japan
Raimu Inc is the company responsible for the Satori Coin initiative, as the company took a vested interest in Bitcoin a few years ago. It is not uncommon to see Bitcoin enthusiasm in Japan, although there is hardly ever any news to report on in this region. But that is all coming to change, thanks to this new initiative.
Satori Coin acts as a physical Bitcoin, which may sound quite strange when talking about a digital currency that has no physical traits by nature. Introducing a tangible way to represent the concept of Bitcoin is an excellent way to raise awareness about digital currency, as well as boost the usage of Bitcoin in the country.
Rather than making these coins rather expensive – such as Casascius or Denarium counterparts – Satori Coin is introduced as an “entry level” physical Bitcoin. In fact, Raimu Inc wants to make these physical coins the cheapest iteration of Bitcoin in its physical form available today.
Every Satori Coin is loaded with 0.001 Bitcoin – worth roughly US$0.50 – which is a very tiny amount. But at the same time, these small amounts will prevent Satori Coin holders from spending the funds wrongfully, such as by paying for illegal goods or transactions. That being said, this tiny amount is representing something much bigger than just the monetary associated with the Satori Coin.
Distributed the Satori Coin will take place in Japan, in true Japanese style, according to the Youtube video below. However, Raimu Inc. has mentioned how they plan to take the distribution of Satori Coin to the rest of the world in due time. At the time of writing, no official timeline has been announced just yet.
The sale of Satori Coin would be entirely prohibited in the United States, as a loaded physical Bitcoin labels Raimu Inc as a money transmitter. The US is the only region where they would not be able to sell or distribute these coins without obtaining a proper license unless they removed the balance from the physical coin completely.
Source: Youtube
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