Bitcoin Forum

http://www.theguardian.com/technology/2016/feb/25/japan-to-make-bitcoin-legal-currency (http://www.theguardian.com/technology/2016/feb/25/japan-to-make-bitcoin-legal-currency)

Japan’s governing Liberal Democratic party is planning to propose legal changes that would define bitcoin and other cryptocurrencies as currencies.

The changes would mean bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan.

Tomonori Kanda, an official in the financial affairs section at the party’s headquarters, said legislative changes were discussed on Wednesday and the LDP aimed to raise the matter in parliament.

“There is a long way to go,” he said. “But we have discussed reform and believe it is the right way to go.” The timing of the change was yet to be decided, he said.

Title of the article is rather misleading, for normal bystanders it seems that bitcoin is now illegal or something and it will be legalized soon.
I am wondering what exactly japan bitcoin laws will be and if they will gonna regulate bitcoin with something like BitLicense.

I agree, basic mainstream media approach.

Japan is always ahead in Technology , and no wonder Bitcoin is Revolution in Monetary Technology.

So, if some criminal like Mark Karpeles steals Bitcoins from other people, will he be arrested and held responsible for the crime? I am skeptical about this. Because Karpeles stole $600 million worth of coins and funds. He destroyed the lives of thousands of people. Dozens committed suicide as a result of the Mt Gox robbery. And still, the Japanese authorities have refused to arrest Karpeles. He is still living out his dream in ultra-luxury hotel suites.

i'm curious to know how they are going to track all the other crapcoin out there especially those with high anonimity, even bitcoin would not be easy

let alone all the clone of monero, they won't be able to tax them properly, ever...

Maybe I missed something, but I'm pretty sure he ended up getting arrested.  Here is a quote from Wikipedia:

They likely would not be able to track all, but might be able to track some and tax some (i.e exchanges of cryptocurrencies for fiat in some cases). Much like software and media piracy, it runs rampant, but it is penalized and responsability demanded in some cases (big sites like thepiratebay and others being prosecuted and all)

wow this is a huge news!
Because a country like japan could lead a strong upgrade of actual technologies.
And also they have a strong economy, with a fiat currency mined by a strong inflation.
Only about "crypto currencies" I have some doubts... because there are a lot of currencies (99% scam and copy of btc).
How they choose this coins?!?

this is the biggest news for bitcoin in the history .

if they make this happen and officially announce bitcoin as a legal currency then all of our dreams as early adopters will come true.

So basically Japans wants to centralize bitcoin by regulating and controlling it ? Definitely not so good news for me.What difference does it make or separate it from the fiat anyway if its controlled ? Making bitcoin legal is just a fancy name for controlling and regulating it.

How can Japan control the bitcoin? Bitcoin will be controlled by the whole world. If it can be legalised, it is good.

Did you read the original post ?
I would be more than happy if Japan legalizes the use of bitcoin provided it does not control it.Now I have to explain the entire decentralization process which is not needed.In simple words,if Japan legalizes it ,the controlled will be handed over to the government from the individuals.

I think this is good news and supporting Bitcoin's currency a lot, as Japan is developped country as known and could encourage the whole world to support Bitcoin as well

japan take the chance to lead bitcoin party,they want be the first country that using bitcoin as legal currency,if this really happen,bitcoin will have more chance to more popular and become legal payment and currency.great news.

Not only japan, Russia also have started thinking on the same terms. Its good for all bitcoin lovers. According to Russia’s leading business daily, the Vedomosti, published an article urging the country to adopt Bitcoin, rather than ban it.  :) :)

The Russian might think of bitcoin to be legal. But it is still criminal offence to use bitcoin in that country.

The advantages of recognizing Bitcoin and the altcoins as currencies are going to propel their adoption further among other developed countries. But I wonder what the disadvantages will be compared to the existing pseudo-anonymity.
I think if Bitcoin gets classified as a currency the discounts of shopping online will no longer be available because the vendors will need to pay more taxes imposed by the government.

this is a great news for bitcoin, i will be counting days until this big event takes place. because declaring bitcoin legally as a currency and then regulation of bitcoin will lead to all other people who didn't know about bitcoin or didn't trust it before, start using it.

It is a nice step by Japanese,
With it bitcoin will get a fixed plate form. It will give a strength to bitcoin. The more country will supprt it the  ore will it be stronger and so we will find a best currency for our online worldwide use.

as all know that japan is one of the rising country and has a good reputation in regards to technology, if japans thinking legalizing bitcoin it will be a good news even though there still pro's and con's about this condition but still for us we should expect for more people to us and familiarize using bitcoin. well keep tracking this thread thanks OP.

Yeah, I don't think it is good news either.  I live in Japan, and bitcoin isn't illegal now.  All "legalizing bitcoin" would mean is that they will tax and control it.  I'm happy with the way it is now.

Bitcoin is accepted in some countries and only few countries opposing it. This opposing of Bitcoin is to stop the growth of Bitcoin. Japan has initiated a step that will make more users to get into Bitcoin technology.

Bitcoin is accepted in some countries and only few countries opposing it. This opposing of Bitcoin is to stop the growth of Bitcoin. Japan has initiated a step that will make more users to get into Bitcoin technology.

I'm so glad we could do this.

I am so happy to hear that and I am sure many other countries will consider bit coin as legal currency in future since it's usage is quite easier and convenient for every one no matter living in which part of the world so let's hope for the best and happy with Japan for taking this initiative.

It sounds like Japan wants to regulate bitcoin.  In some ways it's a good sign that they may recognize the currency.  However, bitcoin purist will probably say that any regulation is bad and is contrary to the point of crypto currencies that are designed to be outside of any regulation or government control.

So what's the problem? That countries will start to adopt and recognize bitcoin? It will still be free on the internet.

Pioneers of technology, of course they would decide this, Japan best! :D

The "problem" is that everyone fears that Japan is going to regulate the hell out of Bitcoin and make it a poor option for people living there, yet we haven't seen most of the legislation they're intent on passing. I'm fine with whatever they do, as it doesn't affect me, but I hope they do it right.

Hey wait a minute, they are going to tax bitcoin? I love bitcoin because it is not taxed, now they are  taking it away? But it is good if there will be more infrastructure and investments for bitcoin.

Its a good news to bitcoin if this really happen, in other hand i really support Japan to tighten up the rules to catch and prevent bitcoin criminals,

but if tighten up the security will cause bitcoin anonimity to be exposed then i am not really agree

Not surprised Japan would open up more currency options for their economy. Land/rent/taxes high, as well as the collusion with big businesses there and bureaucrats.

I wish USA and UK also acceptes the same

Greatoo

Japan is already a "risen country"  ::) and it's been so for about a century.
On the contrary, it's economy is now trending downwards, like the west's is.
If I'm not mistaken they are already regulating it and taxing people who buy bitcoins (as much as they can, of course). The talks are actually about stopping taxing it.

I'm pretty happy with this news, it is true that this means that Bitcoin will be more regulated but it is the only way forward if Bitcoin is to become widely accepted.
This will certainly have a positive influence on the price in the future.

Yes they are one of the advance technologies and Intelegent. its good for bitcoin to spread there. but if they tighten Bitcoin's security it could harm bitcoin's anonimity.

This isn't a thing that i should be shocked about since ive been expecting this from the beginning since japan is an advance country especially when talking about technology..

But if Japan becomes the pioneer of Bitcoin technology then we reached one of our goals as bitcoin user
"Making it as a common currency" ;)
Yes, there will be taxes, regulations, all other kind of stuff
But i guess we all know about that once we asked for bitcoin accepted as currency in a countries

all countries will do the same thing eventually. they kind of have to regulate all the cryptocurrency transactions since it is becoming more and more popular.
if I am not mistaken services that are located in US are already quite regulated. that was the reason why some of them got out of New York a while back, they had to pay taxes :)

you either recognize the bitcoin currency and legalize it and make money on tax returns or ignore it as fool . japan knows whats best for them and they are accepting it. soon enough more countries will understand what bitcoin nd crypto currencies are all about and they will accept it at a later time

It is really a welcoming step taken by Japan. If it happens, more investments will come to crypto currency market and the prices will increase. It will benefit the people involved in crypto currency market world wide.

The only sad part is that, it will be more regulated and taxed.

Cryptocurrencies aren't meant to be a national currency. it may never happen to any country that give importance to history like japan. Fiat money and important persons are in the fiat papers, would you want some Japanese emperor be on the bitcoin's logo?

You know Japan :P
They love to adopt and create a new technologies and test them out
If Bitcoin does work as national currency then other nation will try to adopt it too
If it's not then it will stay as Crpytocurreny as it is now
Let Japan test it and see how things turns out ;)

This is open new horizons for the betterment of bitcoins.
More Governments and instituion will follow this practice and soom
bitcoin will rule the world.

I don't think that Bitcoin was ever banned in Japan. There is really no reason for Japan to make Bitcoin illegal. Satoshi sounds like a Japanese name to me.

I think a folk can and will decide itself what kind of currency it will use if it's own government messes it up.
And furthermore as Bitcoin being a borderless and transnational form of money it can be used everywhere.And if a government or society agrees that this is the way they wanna go and use it as official legal national tender it will happen.
This won't hinder other countries to do the same with the same money!
Bitcoin would not be a currency of one certain state, it would be a currency for several states!

There is no real confirmation that Satoshi is his real name, it could be a fake name, his friend's
Or maybe some sort of acronym of the group who made Bitcoin

I wouldn't be surprised if Satoshi is not Japanese :P

I'm not surprised when Japan is adapting new things.

Hey, it's a smart move for Japan to accept cryptocurrency in their nation.

Just another way to tax the people.

That might take the price to some higher value and many businesses to be shifted in Japan.

I don't think that could happen cause bitcoin is anti taxes or a private software and the taxes would be only applicable if people are converting it to fiat's and it would be confusing in any case.

Maybe you are right but don't forget that legalizing Bitcoin may entice more people who were skeptical about Bitcoin to use it and thus increasing its adoption.

Bitcoin could be a good currency, but you'll have to also factor in the fact that it is untraceable and that criminals use it. It really won't cause anti tax, but since it is untraceable, taxing will be... i dont even know.. Difficult, if it is at all possible.
I'd use it if I were japanese, and I really dont see a problem with bitcoin being a currency.

That could be so but I don't think we'll see real laws adopting Bitcoins anytime soon

Yes thats right but still bitcoin taxes or fees are small amount only compared to all fiat like dollars, and japanese currency.
Bitcoin is build to eliminate those.

I know Japan, I'm Asian. They love technology and so are the Chinese.
If the government allow such, they'd have to make it centralized and will certainly defeats the purpose of cryptocurrencies being governed by no one.
if theres one country that would want to try this out the first, it should have been done by the Chinese but not.

This would b a great step. Having a rich country trusting bitcoin enough to embed it in their financial system is great.
You can say it is the first step towards getting mainstream.

That reminds me, any news regarding Mt. Gox and mr. Kapeles ?

I'm curious as how that would work. You would choose at the cashier how to pay? With yen or bitcoin?

wow. great Japan. they're always awesome in tech.

I'm wondering what will other countries do? maybe some of big countries will follow Japan stepfoot.

That would be cool if Japan would consider bitcoin and other cryptocurrency as a real currency, but I hope they won't intervene in its process right now and how it run, I think government wants to regulate it and put taxes in it..

Japan is a country with a good reputation. I hope other countries in the region will follow and grap this chance to make it legal too. This way other maybe western countries
will follow which will give bitcoin an enormous boost.

Japan is used to make a change. Legalizing Bitcoin is no weird thing.

I hope aswell that Japan will not intervene bitcoin growth.

Respect Japan!

That is a good thing but also a normal thing in Japan because Bitcoin started in Asia I believe and for it to be legalized is a good thing. But the thing I do not understand is that Bitcoin is already legal how are they going to make it more legal?

i have no idea about it, but if it is so i think that it will be just in japan only. if they are going to legalize it in their own country its not a bad news. i think through this way they will open shops where people will legally use bitcoin and will do trading in bitcoin currency.

If japan considers making bitcoin a legal currency its a good news because many japanese that have interest here if they knew that this coin is consider by japan that making bitcoin a legal currency so if many japanese have interest here theres a chance that they use it as they online currency.

Bitcoin as to be legalize? that's good on my part you can bring your bitcoin everywhere in japan and it will make it easier for everyone. But the  main point when it became legal it will have taxes. How much taxes they will put on it? We are happy and freely move bitcoins because we don't have taxes on it. Just a fee when we buy and cash it out, as of know we are ok on this setup but soon governments will take part on it for there extra benefits.

Good news,i own the domain XBT.TOKYO i can sell it or i can find a partner to build an exchange for Japan there.

Lets see how this will work out.

It has got higher acceptance among the country people so possibility to make it get legalized is high. Also china is doing a study to implement their own digital currency to regulate within China. This makes the first to adopt digital currency use.

Wait, something changed and we have situation update? Some Japanese bitcoin legislation is been voted now?
Because I sure expect something more development considering that this news is from February.
Or we necroing this thread just to comment that Japanese view of bitcoin is amazingly progressive?

So how much longer before Toranoana and other such stores start offering Bitcoin payment options? Japan has a unique market for a lot of stuff inhabiting a, "grey area", in most other developed countries, so it would be very interesting to have a less conventional payment option for a lot of things...

Japan is moving in the right way at my opinion, bitcoin is not bad currency and we all know it, but in many coutries it's illegal and you can't even use it. So weird.

The development of the Japanese economy can also be an important factor in the resolution of regulatory authorities, as the country does not want to miss the opportunity to create new jobs and economic opportunities skip achieved finteha burgeoning industry worldwide. These new capabilities will allow banks to consolidate the assets and management of the financial system more easily, and improve business performance.
Cryptocurrency exchanges will be required to register with the Financial Services Agency, which acts as a regulatory body. Payments may be made cryptocurrency without having fiatnuyu conversion currency. This means that in the near future may become Bitcoin accepted form of payments for banks, large corporations and service providers.

Japan is an advanced country technologically advanced, and I think many countries will take off her example.

sure,japan lead Asia almost in everything,technology,social,economic,and others. and now japan will make asian country can't believe what they do on bitcoin,japan start to regulate bitcoin and admit bitcoin as currency,of course we all hoping that not only japan to do this,many country in asia have chance to follow japan.

It would be simple, thing is without enuff capital invest

a craps coin dosnt really exist anyway

I agree. Bitcoin is not illegal for it to be legalized but putting it aside, what I like about it is that Bitcoin will be more regulated.

I really want to know how they manage to control the transactions(taxes purposes).

Japan thinks way ahead than the rest of the world so it is indeed an welcoming move.

But my concern is that, what will happen to it's kyc policy??

is it required to submit kyc for transacting in bitcoin or they can continue being anonymous??

What about the taxes?

I am also thinking about this if bitcoin begin to be a legal currency .what about taxes and these anonymous transaction although they can still make it anonymous but not that to secured.

Japan is also a small country but a big ahead when it comes to this kind of matter ,i am also thinking what china will do about it or they making plans also secretly.

of course everybody and every country interesting about japan plan to regulate bitcoin,and this will make japan become role model for first country who do that,and i'm corious about that too,i wish its not hard to accept.

It will not be surprise if Japan becomes first country in the world which fully accept Bitcoin as a legal currency.
This is very well developed country, specially in technology and obviously they have good foundation for Bitcoin.
How they will manage to control the transactions (taxes purposes)?
Well, why they should manage control over it?
Main purpose of Bitcoin is anonymity any way.
In many countries there is no tax on capital, only on earnings.
Japan can simple proclaim that there is no tax on Bitcoin but people have to report tax when they exchange Bitcoin to some other, hard currency and cash out on their bank accounts.

Japan is going to be the pioneer in the crypto currency world soon. and if they do this that would be the fuel to their jets to make them the lead country in this matter.

I hope the Japanese really makes bitcoin into something legal that other countries could follow, it will be very good when bitcoin legalized in every state

Looks like Japan is on the forefront of cryptocurrency understanding and regulation

Sadly not so much on the forefront of apologizing for war crimes though

~CfA~