Japan considers regulating, taxing Bitcoin


In the wake of the MtGox collapse, Japan is looking into regulating Bitcoin — including a possible tax on the cryptocurrency, according to a report Tuesday.

The Yomiuri Shimbun newspaper said that the finance ministry and national tax agency are looking into ways to govern Bitcoin transactions. Officials think that purchases made with the digital currency should be taxed according to existing consumption and corporate tax laws, said the Yomiuri Shimbun, although the report did not cite any sources.

The move would mean Bitcoin would be treated not as a currency, but as a commodity, like gold. Money made from trading the currency online could be taxed, according to the Nikkei Asian Review.

The U.S. is taking the opposite approach — for now. Yesterday, Federal Reserve Chair Janet Yellen said that the U.S. federal reserve can’t regulate Bitcoin because it operates outside of the banking system. She did…

View original post 107 more words


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s