Move over, Spice Girls. 

Japan, a country which has taken the lead in legalizing cryptocurrencies, has also become home to another first. 

Kasotsuka Shojo, literally translated as “Virtual Currency Girls,” is the world’s first all-female cryptocurrency-themed band. Brought together by the Cinderella Academy, each member of the five-girl band represents a different cryptocurrency, from bitcoin to ethereum to litecoin. 

“We want to promote the idea through entertainment that virtual currencies are not just a tool for speculation but are a wonderful technology that will shape the future,” said Rara Naruse, an 18-year-old singer with the group. 

Kasotsuka Shojo’s first single, which is called “The Moon and Virtual Currencies and Me,” is a lecture on online security and fraudulent crypto businesses.

Not surprisingly, the group accepted payment for their first concert, which was held in the second week of January, only in cryptocurrency. (See also: Bitcoin Gets Boost From Japan.) 

Cryptocurrencies are legal tender in Japan, and the country has also promulgated regulation to boost their share in overall commerce. The Asian country was among the first to allow cryptocurrency exchanges. For the most part, these exchanges worked outside the purview of regulation. But the crash of Mt. Gox brought about a change in the government’s attitude. (See also: Bitcoin Mass Hysteria: The Disaster That Brought Down Mt. Gox).

Exchanges based in Japan routinely have trading volumes ranked in the top 10. Many have credited the skyrocketing valuations of cryptocurrencies to enthusiastic trading by Japanese investors. (See also: Japan, China Behind Recent Cryptocurrency Spike.) 

Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of bitcoin.

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