Japan considers making bitcoin a legal currency

[shintosai]

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.

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[RussianRaibow]

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.

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.

[romero121]

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.

[romero121]

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.

[watashi-kokoto]

I'm so glad we could do this.

[ekoice]

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.

[aardvark15]

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.

[Anddos]

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

[ShrykeZ]

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

[Yakamoto]

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

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.

[bamboylee]

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.

[xuan87]

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

[Hocapoca]

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.

[MFahad]

I wish USA and UK also acceptes the same

Greatoo

[Blind Legs Parker]

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.

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.

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.

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.

[eternalgloom]

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.

[ImnotOctopus]

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

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.

[Jemzx00]

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.

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..

[teddy5145]

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.

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.

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

[Pursuer]

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