Japan ends 8% consumption tax on bitcoin Today

[HI-TEC99]

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

I heard rumours some Chinese whale traders switched to using Japanese exchanges after the Chinese government froze withdrawals on the Chinese exchanges. If that's true the end of the 8% consumption tax could be very bullish.

As I understand the Chinese exchanges have already resumed withdrawals on May 31, so those rumors might only be that, just rumors.

From what I read they are only allowing small withdrawals that are no use to whale traders. I think it might be 10 Bitcoins a day with a maximum of whatever a million dollars a year is in yuan.

[1714102524]

1714102524

[1714102524]

1714102524

[xypos]

Always love reading and sharing good news about bitcoin!

Yeah, a lot of people are saying that the current pump is unjustified but i do think that this is no longer a bubble. This is a good price level for bitcoin, because Australia and Japan both have started to remove taxes on bitcoin on 1st July, and india is following.

This tax was unfairly imposed upon bitcoin traders in the first place. But now it's lifted, everything is all g

Let's hope that even more countries can do this, especially the Eurozone. If the eurozone can legalize bitcoin, although it is extremely unlikely since they are so dependent on central banking, then all the crisis countries(Greece etc.) can start switching to bitcoin without additional taxes and charges. We've already seen that when there is a financial crisis, bitcoin usage soars in a certain country like venezuela.

[Salicorne]

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

[Yuuto]

Always love reading and sharing good news about bitcoin!

Australia as well, it's definitely positive news for bitcoin.

I think that this is proof enough that China is slowly diminishing into the background for bitcoin stories. I remember a few months back everyone was still talking about chinese exchanges and how the chinese are pumping bitcoin up, and everything that bitcoin is doing at a particular moment was attributed to the chinese. Not anymore, because the people's bank of china decided to put strict capital controls on funds flowing into and out of bitcoin exchanges.

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

Actually, these two countries legalizing bitcoin(aka taking tax off) is incredibly useful because before it meant that you'd be looking to overpay 8% for your bitcoins, on top of market spreads.

[Meuh6879]

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

from 1200 USD to 2400 USD = India & Japan & Korea.



and it's just the first wave of "holders" ... the local early adopter.

[alyssa85]

Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

[xhomerx10]

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

 I'm going to hazard a guess that it was 8% higher or thereabouts?  The Japanese were paying 8% more for buying Bitcoin (and altcoins) from abroad - now they wont be.   Going forward, we should see parity with other exchanges or there will be an awesome arbitrage opportunity.

[HeRetiK]

Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

Asking the hard questions. So far I doubt that it's little more than a novelty.

[Meuh6879]

Like this ?
https://www.youtube.com/watch?v=xrauYRGDCjY

[tigershark]

Always love reading and sharing good news about bitcoin!

Australia as well, it's definitely positive news for bitcoin.

I think that this is proof enough that China is slowly diminishing into the background for bitcoin stories. I remember a few months back everyone was still talking about chinese exchanges and how the chinese are pumping bitcoin up, and everything that bitcoin is doing at a particular moment was attributed to the chinese. Not anymore, because the people's bank of china decided to put strict capital controls on funds flowing into and out of bitcoin exchanges.

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

Actually, these two countries legalizing bitcoin(aka taking tax off) is incredibly useful because before it meant that you'd be looking to overpay 8% for your bitcoins, on top of market spreads.

The positive is that it opens up that market to new investors that will now be willing to buy bitcoins cheaper. More investors means more demand and a price increase. It may not be an immediate impact but over time it should make a significant difference.

[Kyraishi]

Always love reading and sharing good news about bitcoin!

Woohoo!

This isn't some bullshit law to just regulate bitcoin either, it is a legitimately effective law for potential bitcoin buyers because otherwise they'd be looking to take a 8-10% loss as soon as they purchase bitcoin, which would deter a lot of people from ever using bitcoin.

Australia has done a similar thing, effective 1st july as well.

Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

Asking the hard questions. So far I doubt that it's little more than a novelty.

Actually, since the law has been announced i have heard of a lot of retail stores/hotels in japan accepting bitcoin or planning on doing so in the near future. Even if merchants don't pick up bitcoin, as i said it's still an added incentive for investors to invest in btc in japan.

[digaran]

something something Country lifts tax on bitcoin something it had no right to impose in the first place something something

Funny thing you mentioning that thing, when they use something to earn only profit day after day, then their government imposes tax on something.
More funnier, how would they allow their government to put a watchdog over their something activities in the first place? they deserve it then to stay the same slaves as before.

[aTriz]

Always love reading and sharing good news about bitcoin!

I'm pretty sure that Australia has done a similar thing, except the taxation on bitcoin was actually 10% in their country? It's extremely positive news for bitcoin in general, but more specifically for these bitcoin traders in the countries. I'm sure that now there will be a lot more regulated exchanges willing to pick up bitcoin trading, and more merchants accepting it as well.

something something Country lifts tax on bitcoin something it had no right to impose in the first place something something

I agree with this. It was essentially a double taxing, governments have no right to tax their citizens unfairly like this, and they pocketed the change for themselves. But at least they corrected their mistake, unlike most other countries in the world who don't even bother to look into bitcoin more before banning it altogether.

[HeRetiK]

Actually, since the law has been announced i have heard of a lot of retail stores/hotels in japan accepting bitcoin or planning on doing so in the near future. Even if merchants don't pick up bitcoin, as i said it's still an added incentive for investors to invest in btc in japan.

Between company x announcing to accept Bitcoin and actual usage is still a world of difference. Point of sale usage of Bitcoin has been sobering so far, at least anecdotally. But who knows, if Bitcoin "clicks" with Japanese culture they may just very well improve on the point of sale process.

[jorneyflair]

Between company x announcing to accept Bitcoin and actual usage is still a world of difference. Point of sale usage of Bitcoin has been sobering so far, at least anecdotally. But who knows, if Bitcoin "clicks" with Japanese culture they may just very well improve on the point of sale process.

Agreed. I don't think that this legalization has as much effect on bitcoin and actual users of bitcoin as people think it to have. Honestly you're probably going to encouraged but probably not pushed over the edge to accept bitcoin as a merchant by the law.

But from a speculator's point of view, 8% tax is a whole lot, it means that now japanese buyers are able to have 8% more buying power than they had previously. This is obviously great news. Price of each bitcoin has risen a little, but not that much. But i think the activation of this law has brought bitcoin out of a almost week long bearish trend back into green.

[djtas bitbit]

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

I heard rumours some Chinese whale traders switched to using Japanese exchanges after the Chinese government froze withdrawals on the Chinese exchanges. If that's true the end of the 8% consumption tax could be very bullish.

As I understand the Chinese exchanges have already resumed withdrawals on May 31, so those rumors might only be that, just rumors.

From what I read they are only allowing small withdrawals that are no use to whale traders. I think it might be 10 Bitcoins a day with a maximum of whatever a million dollars a year is in yuan.

I suspect there may be a great enthusiasts in currencies so that they know that the real user will very little, but I've heard that Japanese buying and using bitcoin as trade exchange rate very high value there other than reasonable so that if the Japanese Government ended 8% consumption tax on bitcoin because the increase that occurred in user bitcoin in Japan

[HeRetiK]

But from a speculator's point of view, 8% tax is a whole lot, it means that now japanese buyers are able to have 8% more buying power than they had previously. This is obviously great news.

Oh definitely. Let's not forget the added legal clarity. I don't think we'll see much of a difference short term, but long term this definitely makes for a much more attractive investment.

[Tecksim]

But from a speculator's point of view, 8% tax is a whole lot, it means that now japanese buyers are able to have 8% more buying power than they had previously. This is obviously great news.

Oh definitely. Let's not forget the added legal clarity. I don't think we'll see much of a difference short term, but long term this definitely makes for a much more attractive investment.

I also heard several Japanese exchanges are going to be more actively involved in the payment process.

[timerland]

Oh definitely. Let's not forget the added legal clarity. I don't think we'll see much of a difference short term, but long term this definitely makes for a much more attractive investment.

Yeah, i think that 8% tax was probably never paid that much anyways just like bitcoin tax return forms in the USA

I'd actually argue the opposite of what you just said though - this law is going to have the most effect short term because of the hype generated from it and probably less affect as time passes and people realise governments can't really tax p2p trades in the first place. Just ask people in china, when exchanges were tight with AML laws they just switched to P2P altogether.

But this doesn't mean that i disagree with this law. In fact i love it, and i think it's regulated businesses that are going to benefit the most.

[HeRetiK]

I also heard several Japanese exchanges are going to be more actively involved in the payment process.

Really? As in point-of-sale payments? Sounds promising, got any sources on that?