Japan Relents, Will Kill Sales Tax on Bitcoin Buying

[Chronobank]

In what will come as welcome relief to bitcoin adopters in the country, Japan is set to end its 8% ‘consumption tax rate’ imposed on buyers of bitcoin through digital currency exchanges.

Japan is now looking to end the sales-tax collection on transactions related to purchases of virtual currencies like bitcoin, come spring.

A report from Japanese publication the Nikkei Asian Review reported that discussions between the Japanese Financial Ministry and the country’s Financial Agency this year is expected to end in a formal decision by the end of the year. A ruling-coalition tax panel will join the talks, with the decision expected to be one in favor of bitcoin and cryptocurrencies.

https://www.cryptocoinsnews.com/japan-relents-will-kill-sales-tax-bitcoin-buying/

[1715566774]

1715566774

[yayayo]

That move is long overdue. It's pure harassment of Bitcoin exchanges. Imposing such a high tax burden on acquiring another currency in the first place can only mean that government fears capital flight. That fear is not unwarranted given the fact that Japan is the original home country of so called "quantitative easing" and has pushed its debt burden and monetary base to the most extreme level which is clearly unsustainable.

The true reason for abolishing the tax might be that it is largely unenforceable for p2p exchange and makes that form of exchange a whole lot more attractive.

ya.ya.yo!

[iamnotback]

In what will come as welcome relief to bitcoin adopters in the country, Japan is set to end its 8% ‘consumption tax rate’ imposed on buyers of bitcoin through digital currency exchanges.

Japan is now looking to end the sales-tax collection on transactions related to purchases of virtual currencies like bitcoin, come spring.

A report from Japanese publication the Nikkei Asian Review reported that discussions between the Japanese Financial Ministry and the country’s Financial Agency this year is expected to end in a formal decision by the end of the year. A ruling-coalition tax panel will join the talks, with the decision expected to be one in favor of bitcoin and cryptocurrencies.

https://www.cryptocoinsnews.com/japan-relents-will-kill-sales-tax-bitcoin-buying/

More good news for Bitcoin. And Bill Gross just said to buy Bitcoin. Hmmm. Seems my prediction is coming true:

Pattern looks like most likely basing to head up. You've got a cup&handle potentially forming at $700+.

[goinmerry]

Sounds fishy. There might be something more inside that sudden change. We know how this all works. Put something good to feed the media but the inner goal is real evil that will not be exposed for a long time. Or I might just be crazy.

[OROBTC]

...

Bitcoin's advance (I am not talking BTC price), in the three-odd years I have been involved, has been slow on average (that is, adoption by merchants and users), but the trend does seem to be there.  Probably an inevitable trend (barring a BTC disaster).

The progress is incremental, IMO slower than I would like, but real.  It was, after all, providentmetals.com which first confirmed to me the real potential of Bitcoin.  Bill Gross just came on board a few days ago.  Japan has now acted, but IMO this is another small step.  Inexorable?

But it's all good.  When I jumped as a rank beginner with relatively few technical skills, I thought BTC was at the point of a moonshot, ready to take on the world imminently.  A slow, probably hard to stop, and perhaps bumpy future looks to be the way CRYPTO will grow.

Perhaps we need one more year, or perhaps that ETF I hear about will be the spark to put Bitcoin adoption into 2nd Gear...

[Milkduds]

Japan needs to open up and this is a good step forward to appeasing their population and allowing them to foster a connection to bitcoin without the overbearing taxation of it. When it first came out that Japan was going to tax bitcoin,I felt like it was a attempt to kill bitcoin but now it seems they realize the mistake they made and are being proactive. Least I hope this to be the case.