Japan considers making bitcoin a legal currency

[nichu]

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

[avikz]

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.

[enhu]

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?

[teddy5145]

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
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

[extrabyte]

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.

[justspare]

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 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.

[Denker]

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?

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!

[teddy5145]

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 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.

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

[jethrorn99]

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

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

[FinalFantasy]

Just another way to tax the people.

[Nextgen]

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

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

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.

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.

[Rescue Squad]

Just another way to tax the people.

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.

[leowonderful]

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.

[FinalFantasy]

Just another way to tax the people.

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.

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

[extrabyte]

Just another way to tax the people.

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.

[enhu]

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
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

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.

[Hashminers]

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.

[FinalFantasy]

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

[Anddos]

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.

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

[Hirose UK]

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.