Japan considers making bitcoin a legal currency

[McDonalds5]

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.

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[Slark]

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.

[McDonalds5]

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.

[VR]

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

[bryant.coleman]

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.

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.

[Amph]

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...

[RussianRaibow]

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.

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.

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

Karpelès was arrested on 1 August 2015 by Japanese police on suspicion of having accessed the exchange's computer system to falsify data on its outstanding balance, he was later released then re-arrested and allegedly charged with embezzlement.

[maokoto]

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...

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)

[bitbollo]

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?!?

[Red-Apple]

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.

[Patatas]

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.

[apriyoni]

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.

[Patatas]

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 ?

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 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.

[nejibens]

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

[EdenHazard]

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.

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.

[darewaller]

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. 

[apriyoni]

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.

[DimensionZ]

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.

[pooya87]

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.

[Bitcotalk]

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.