Japan considers making bitcoin a legal currency

[Kollor]

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..

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[Nameless Coin]

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.

[jethrorn99]

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

I hope aswell that Japan will not intervene bitcoin growth.

[balvio]

Respect Japan!

[Icathia]

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?

[Superbitzz]

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.

[Mumbeeptind1963]

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.

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.

[quintiilieo]

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.

[B1bl3Coin]

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.

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.

[bob123]

Lets see how this will work out.

[romero121]

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.

[Hazir]

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?

[MeteoImpact]

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...

[GamingBro]

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.

[Enotche]

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.

[quentincole32]

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.

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.

[Bitcoinpro]

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...

It would be simple, thing is without enuff capital invest

a craps coin dosnt really exist anyway

[bitcoineverything]

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. 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.

[raphma]

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

[avikz]

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?