Finance Minister Taro Aso expressed eagerness Friday to hold discussions with other ministers and government agencies about what is behind the recent trouble in the bitcoin virtual currency market.
"We do not clearly know what bitcoins are, so we have to start studying it," Aso said at a news conference, referring to the sudden shutdown earlier this week of all transactions on Mt. Gox, a major bitcoin exchange based in Tokyo.
Aso added there is a group in the ruling Liberal Democratic Party that is studying the bitcoin market.
On Thursday, Senior Vice Finance Minister Jiro Aichi said the government will consider whether to regulate bitcoins.
So far there are no laws in Japan to regulate bitcoins, and because its status is ambiguous, officials said the government will first have to decide which ministry or agency will monitor transactions or illicit activities involving the currency.