Japan Officially Recognizes Bitcoin and Digital Currencies as Money

[OmegaStarScream]

Japanese banks are set for embracing Bitcoin after proposed new laws. Has Bitcoin finally come of age in the land of the rising sun?
Japan has just given virtual currencies legitimacy, something that many other nations are still struggling to come to terms with.

Check out the full article here : http://cointelegraph.com/news/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money

[h3rlihy]

It's good that it's starting to get a little more recognition beyond just being seen as a black market currency.

[waltercoin2016]

It is a great move for Japan! Bitcoin in Hong Kong is doing great as well, where bitcoin can be easily exchanged through ATMs, such as ANXBTC.

[tiggytomb]

Good news for Japan and bitcoin, the UK also did this a couple of months ago, slowly but surely.

[Amph]

so this mean that they are following the european court route, and bitcoin will be free of vat

the problem with bitcoin right now, is that some country see it in a way and other in another worse, or better way

if bitcoin will grow better in some specific country i guess soem people will migrate there...i know i could do it one day

[mkc]

What does this mean?
Does it mean if I buy Bitcoin at 500 dollars and I sell it at 1000 dollars,
I don't have to pay capital gain?

[kpitti]

This is good sign from Japan. After Europe Union and may be some more countries I am not aware of.
We all know that Bitcoin is Digital currency, but it`s important to have that confirmed by authorities as well.

[monsanto]

Great.. now when are we getting our recovered Gox coins? 

[GKE]

I heard Germany is the first country that officially  recognizes bitcoin and now it expands to Japan, and Hong Kong too. Do you know there is a bitcoin exhibition in Hong Kong recently? You can join if you have interest. It is at AsiaWorldExpo on 18-19 May

[nanonymousx]

If Bitcoin is recognized as currency, then for sure will fuel a currency war. Not all currency is created equal, some are strong and some are weak, generally associated with a country's fate.
Bitcoin will be so unique, I think, it will become a always winner and final winner.

[Kakmakr]

What does this mean?
Does it mean if I buy Bitcoin at 500 dollars and I sell it at 1000 dollars,
I don't have to pay capital gain?

The government will take it's share either with VAT or with Capital Gain my friend or even both. There are many countries in the world, where you first have to pay Capital Gain and then VAT on anything you buy after that. The two things you are not going to avoid is Death & Taxes.

People should not see Bitcoin as a way to bypass tax responsibilities. ^hmmmm^

[Wendigo]

I hope the Japanese regulators are not doing this with the sole purpose of controlling the Bitcoin exchanges in the country. I hope we will see more Bitcoin adoption in the offline businesses like supermarkets, cinemas, shopping malls etc. where Bitcoin will be available as a legitimate payment option along with fiat.

[Doms]

Not at all surprising that Japan did this. They are a progressive country and they are very open to ideas / technology that make it easier for their people to transact and/or do business. I hope other countries would follow suit.

[densuj]

I think that is nice news, my opinion price of bitcoin will going up. I hope in the future there is not like mtgox in Japan.

[Simpan]

so this mean that they are following the european court route, and bitcoin will be free of vat

the problem with bitcoin right now, is that some country see it in a way and other in another worse, or better way

if bitcoin will grow better in some specific country i guess soem people will migrate there...i know i could do it one day

As time goes on, most country in the world will recognize the bitcoin as a currency. So most people will use it.

[poptok1]

If Bitcoin is recognized as currency, then for sure will fuel a currency war. Not all currency is created equal, some are strong and some are weak, generally associated with a country's fate.
Bitcoin will be so unique, I think, it will become a always winner and final winner.

Not sure if it going to be final winner. That scenario might be more harmful than good.
There is no way BTC can entirely replace other currency's. There is just not enough of it for
global adoption. Technology aware country's will jump forward thanks to bitcoin acceptance,
others will fall in to tech-less black hole. (Russia)
But for sure its position will get stronger and stronger day by day.
Its fun to watch bitcoins progress through the world, economy and peoples minds.
 

[unamis76]

This is obviously good, but I seriously hope they now stay put regarding regulations... I hope the Mt Gox disaster doesn't make them scared of Bitcoin.

[Divinespark]

Japan's openness to technology is well-documented. Given high-speed internet and the seamless integration of tech in everyday japanese lives, hardly surprising that Japan ahs no problem with conceiving of BTC as money

[DimensionZ]

It will be interesting to see how much more mass adoption Bitcoin will get in Japan now that they acknowledge it to be a legitimate digital currency. Do you guys know if the Japanese users will pay tax on Bitcoin or it will be tax-free?

[MaritiJames3]

The countries in Asian like Japan and China recognize Bitcoin more and more as a currency and as money. This is a great thing and it shows that Bitcoin is improving more and more. I hope that other countries like western countries are going to recognize Bitcoin as well.