Japan to accept Bitcoin as payment method.

[pinkpanther03]

This can be a big boost to Bitcoin though I have not seen the news making an impact on the value of Bitcoin. Anyway, this is already a big good news considering that Japan is a big economy. I am wishing that Japan can be able to counterbalance the hegemony of China relative to Bitcoin. Though am still wondering what can be the difference between a form of payment (the status stamped on Bitcoin) and being a currency...

Yes, Agreed! A country that accepted bitcoin as a payment method is a good advantage for the bitcoin enthusiast like us to promote more about it. I wish this would be the beginning of each nation to accept it as their currency little by little.

[bitart]

It isn't any surprise that Japan is going to begin the Digital Payment route.
Japan was messing around with Digital Payment systems for a very long time, did you see the article about the payment system with the iris scanner + fingerprint scanner being built?

Here is the article: http://www.telegraph.co.uk/news/2016/04/11/tourists-in-japan-to-use-fingerprints-as-currency/

Code:

http://www.telegraph.co.uk/news/2016/04/11/tourists-in-japan-to-use-fingerprints-as-currency/

Those things are even inside of Europe -people don't think twice and end up messing up their life because of these things. Credit Cards linked to iris scanning and fingerprint scanning will get people.

Bitcoin is only a beta project to test the civilians on how they will adapt to the electronic currency process.

If you don't think about the background and the technical things, bitcoin wallet can be just an application on a smartphone, so average Japanese people can use it like any kind of fintech applications to send money from phone to phone. The difference is the background, because bitcoin is accepted worldwide, the fintech applications are usually accepted only locally and they're centralized.
So if it has only been a test or a beta, it could have been any fintech app, to test the civilians, so there should be a reason why they have choosen bitcoin...

[aeternus]

The status quo always changes its mind.

Unless it is 100% confirmed we cannot assume Bitcoin is money in Japan, lest we get disappointed.

Bitcoin is money regardless of what any government can say since it fits the definition and the characteristics you could expect out of money.

[ahmedjamal1998]

This is perfectly timed ! A lot of tourists will head to Japan in Olympics 2020 . Hopefully by that time more and more people would've gotten into the bitcoin world.
That's just an interesting opportunity for bitcoins in real life. Hopefully more and more countries will start to accept it as a legal method (sadly some countries actually banned it  

I actually found this article as well Idk if it's legit but it seems to be.

http://www.businessinsider.com/bitcoin-price-spikes-as-japan-recognizes-it-as-a-legal-payment-method-2017-4

[wck]

This is perfectly timed ! A lot of tourists will head to Japan in Olympics 2020 . Hopefully by that time more and more people would've gotten into the bitcoin world.
That's just an interesting opportunity for bitcoins in real life. Hopefully more and more countries will start to accept it as a legal method (sadly some countries actually banned it  

I actually found this article as well Idk if it's legit but it seems to be.

http://www.businessinsider.com/bitcoin-price-spikes-as-japan-recognizes-it-as-a-legal-payment-method-2017-4

Tokyo is making a lot of changes for the 2020 Olympics.   It could be that spirit of preparing is what is driving some Bitcoin friendliness.  Anyway my kids are often coming back from school with something 2020 related.  The 2020 Olympics are a very big deal in Tokyo.

[andrew24p]

Its not really as big as people are saying, they are basically saying they are not going to stand in the way if people want to use it as a payment method. That being said they arent openly endorsing it by accepting it for tax payment ect.

[Casabrandy]

Its not really as big as people are saying, they are basically saying they are not going to stand in the way if people want to use it as a payment method. That being said they arent openly endorsing it by accepting it for tax payment ect.

Right,they might see that its hard to put tax on bitcoin,as well as banning it so they will just slip on it and let it be. Anyways bitcoin is really a big help that can be helpful to their people and they see that there is no harm involve in bitcoin other than getting scam which the government is not related into.

[btcmylove]

Japan declares sale of Bitcoin exempt from consumption tax in April 1,at least it is a good News from Japan side.Japan now recognizes Bitcoin as an asset class or currency.It's healthy for the overall btc ecosystem but the gvment is also smart in tkng advantage via other form of gains tax. It's ok i guess as its a win-win for both sides.

[jossiel]

This can be a big boost to Bitcoin though I have not seen the news making an impact on the value of Bitcoin. Anyway, this is already a big good news considering that Japan is a big economy. I am wishing that Japan can be able to counterbalance the hegemony of China relative to Bitcoin. Though am still wondering what can be the difference between a form of payment (the status stamped on Bitcoin) and being a currency...

Definitely this will become another reason for bitcoin's price to boost up. Look at what China's influence for having a lot of users there.

They almost one of the manipulators of it but so far it stopped and the market goes on the usual way.

For sure that Japan will make a balance movement of the price of bitcoin, I can't wait for the application of it.

We know that Japan is one of the most innovative country, once other countries starts to do the same, we'll all be happy for it will make the demand higher.

Sounds very good, and I am one of the people that are very keen in always looking to japan in terms of innovative stuffs and I am very supportive on this kind of thing and in my thought japan will do great with their partnership with bitcoin and as for the value it will even become stable well that is my guess.

Me either mate, I've been optimistic with Japan and I know when they started to implement bitcoin with their transactions.

And I'm thinking if they will be able to surpass the control of China in bitcoin by innovating transactions with businesses.

Very exciting the things that are going to happen with the bitcoin industry for the next years to come and for sure many will follow with this move.

I hope this will be an eye opener to rich countries.

[poetra2501]

True it's one of the best thing happening to Bitcoin, wish all countries adopt it soon. Though it will take some efforts from the world to implement it. It is Asia country that's leading the way, and now let's see how well does Japan do. I am sure when other countries shall see it, they shall follow suit. I wish all the countries adopt it, and it becomes a global currency.

we all hope that things like that happen. Japan could become a pioneer for the development of bitcoin in the world. they must be able to prove that bitcoin is better than fiat currencies. so other countries will increase confidence in using bitcoin. all countries in the world are looking at how the Japanese apply bitcoin technology on the lives of Japanese citizens. if Japan succeeds then everything will be major changes to the world financial system.

Especially for our country, Indonesia, I am very hopeful the our government want to take
the bitcoin as a legitimate means of payment such as IDR Indonesian Rupiah (Rp)
Although it will be difficult because a lot of our society that still lack of knowledge about Bitcoin

[Sniper44]

True it's one of the best thing happening to Bitcoin, wish all countries adopt it soon. Though it will take some efforts from the world to implement it. It is Asia country that's leading the way, and now let's see how well does Japan do. I am sure when other countries shall see it, they shall follow suit. I wish all the countries adopt it, and it becomes a global currency.

we all hope that things like that happen. Japan could become a pioneer for the development of bitcoin in the world. they must be able to prove that bitcoin is better than fiat currencies. so other countries will increase confidence in using bitcoin. all countries in the world are looking at how the Japanese apply bitcoin technology on the lives of Japanese citizens. if Japan succeeds then everything will be major changes to the world financial system.

Especially for our country, Indonesia, I am very hopeful the our government want to take
the bitcoin as a legitimate means of payment such as IDR Indonesian Rupiah (Rp)
Although it will be difficult because a lot of our society that still lack of knowledge about Bitcoin

that is the problem though, in order for a country to recognize bitcoin as a real currency it first needs people to accept it as currency and have some knowledge about it.
you can't really compare any country with Japan, they are known to be pioneers in all the technology and ahead of the rest of the world in most cases.

[wck]

Japan declares sale of Bitcoin exempt from consumption tax in April 1,at least it is a good News from Japan side.Japan now recognizes Bitcoin as an asset class or currency.It's healthy for the overall btc ecosystem but the gvment is also smart in tkng advantage via other form of gains tax. It's ok i guess as its a win-win for both sides.

For the Japanese National taxes, long-term capital gains requires you own it for 5 years.   Incremental income tax rates in Japan really get up there, mine hit 40% last year.  Another 10.5% on top of that for local taxes.   

[e-coinomist]

It isn't any surprise that Japan is going to begin the Digital Payment route.
Japan was messing around with Digital Payment systems for a very long time, did you see the article about the payment system with the iris scanner + fingerprint scanner being built?

Here is the article: http://www.telegraph.co.uk/news/2016/04/11/tourists-in-japan-to-use-fingerprints-as-currency/

Code:

http://www.telegraph.co.uk/news/2016/04/11/tourists-in-japan-to-use-fingerprints-as-currency/

Those things are even inside of Europe -people don't think twice and end up messing up their life because of these things. Credit Cards linked to iris scanning and fingerprint scanning will get people.

Bitcoin is only a beta project to test the civilians on how they will adapt to the electronic currency process.

Ouchy! That's the worst thing one can do, relying on biometrical data for authorisation. No other data can be stolen & faked that easily. Just that glas of water snatched away from fake catering services that got the minister of finance's prints on it. They did that as a proof of concept, not trying to spend the national treasury in the next step but behold: Ain't safe!

Second case, high resolution snapshots from exposed paws. http://www.faz.net/aktuell/feuilleton/debatten/kopierter-fingerabdruck-von-ursula-von-der-leyen-13344224.html so the security breach can happen remotely and traceless.

That 007 movie where the iris of a dead got transplanted to steal some nuclear weapons, that might have been fiction but we are coming closer again to a simple truth: biometrics ain't safe! not at all. some people now would have to cut of them fingers off to plug the gaping security hole.

[Sled]

This is great because it is the proof that bitcoin is a serious currency and the different countries are starting to embrace this kind of opportunity for them which can give them a very a big help in terms of payment since it can be done through the internet. Bitcoin is just starting to be popular in other country and if it continues then other countries will follow like what Japan did in terms of using bitcoin.

[diciky]

Japan declares sale of Bitcoin exempt from consumption tax in April 1,at least it is a good News from Japan side.Japan now recognizes Bitcoin as an asset class or currency.It's healthy for the overall btc ecosystem but the gvment is also smart in tkng advantage via other form of gains tax. It's ok i guess as its a win-win for both sides.

For the Japanese National taxes, long-term capital gains requires you own it for 5 years.   Incremental income tax rates in Japan really get up there, mine hit 40% last year.  Another 10.5% on top of that for local taxes.   

The Japanese gov know they cannot tax bitcoin, so they are making it very clear that they acknowledge this while also saving face, they are also be very clear that any FIAT profit derived from trading crypto’s will rightly be subject to income tax or capital gains tax. From what I read Japan are taking first steps to recognise bitcoin value and purpose and decentralised nature, without the government losing face or looking like they have worrying competition, IMHO no politician needs to worry about bitcoin really, as it will be quite some time before bitcoin starts to cause real problems for governments, by that time today’s politicians will already be set and they won’t really care.

[magneto]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

THis is going to be a huge step in the right direction for bitcoin in my opinion.

not only does it mean that the government of japan and also government around the world are acknowledging that bitcoin should be a legal currency, they are also saying that bitcoin is functional and can be used.

[Vaskiy]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

THis is going to be a huge step in the right direction for bitcoin in my opinion.

not only does it mean that the government of japan and also government around the world are acknowledging that bitcoin should be a legal currency, they are also saying that bitcoin is functional and can be used.

Japan is making a big change in the digital growth. As a part now the bitcoin as an currency for daily needs with a legal acceptance serves as an example for all the other countries who have been with plans to make their own digital currency and circulate for all needs.

[btccashacc]

sounds good but if only as payment method i think it's not something big except if the government accept bitcoin as official currency which is too impossible to happen, we all know that Japan has long been an innovator in digital technology so it should be for the Japanese to make new innovations in the development of crypto i mean creating something different maybe. However the good news is bitcoin is not banned out there people can transaction with their bitcoin freely without worried about government's regulation.

[majeed]

this is the first step for Ripple coin to be accepted in Japan. They aim to adopt ripple, not Bitcoin. But it is a good sight for cryptocurrency in general. After 47 banks agree to use ripple, we are looking forward to seeing more new things happen to this awesome coin

[TastyChillySauce00]

this is the first step for Ripple coin to be accepted in Japan. They aim to adopt ripple, not Bitcoin. But it is a good sight for cryptocurrency in general. After 47 banks agree to use ripple, we are looking forward to seeing more new things happen to this awesome coin

Well, japan is actually adopting ripple's blockchain tech according to some news that I've read means they're only interested in ripple's blockchain system, don't really know about the rest. But, why japan choose to adopt ripple's blockchain instead of bitcoin? they might have seen the disadvantages of bitcoin's blockchain I suppose, it's at the same time means that bitcoin is no better than ripple even though it's the most popular cryptocurrency as for now? any opinion?