Japan ends 8% consumption tax on bitcoin Today

[topper26]

Always love reading and sharing good news about bitcoin!

[1714920643]

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[1714920643]

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[Meuh6879]

Source ?

[cpfreeplz]

Where did you read this? I also had never heard that they paid 8% tax in the first place so where did you see any of this information at all?

[Meuh6879]

Found : https://bitcointalk.org/index.php?topic=1996750.0

On Saturday, July 1, the revised consumption tax law went into effect throughout Japan, and bitcoin transactions no longer incur consumption tax of 8%.

On the same day, Australia also ended bitcoin double taxation.

Bitcoin.com talked to Yuzo Kano, CEO of the largest Japanese bitcoin exchange by volume Bitflyer

Good BOOST for monday.

[pixie85]

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.

[topper26]

https://www.cryptocoinsnews.com/japan-ends-8-consumption-tax-on-bitcoin-today/

[aakashsangwan]

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.

[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.

[HeRetiK]

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.

I suspect the same. I don't think actual mainstream BTC usage is really there yet. Either way it's a step in the right direction.

[shinratensei_]

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.

Not only the Japanese exchanges sites But the Korean's exchange sites already crowded with the chinese whales. The chinese exchanges are not giving convenience trade to the chinese users itself.

The more good news will make those whales try to find the convenient place to exchange their money.

But I believe over 80% the answer for the latest Japanese news about 8% consumption tax to be real.

[Rahar02]

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.

I suspect the same. I don't think actual mainstream BTC usage is really there yet. Either way it's a step in the right direction.

At least Japan has taken a step further than any other countries, because it is a good idea to eliminate the 8% consumption tax on bitcoin transactions and will encourage people in Japan to invest/use bitcoin for various purposes such as remittance service to send bitcoin all over the world "without paying a price gap". Since Japan applied taxes to purchases bitcoin before this decision which make people should pay more to acquire bitcoin, now it has been abolished and we expect more adopters join in bitcoin community.

[FelixTheHat]

Guys, this news is a day late. July 1st in Japan started at 8am on June 30th, West Coast time in the USA. I positioned myself for this in Japan, and have seen Bitcoin continue to fall. In fact, it fell faster after the tax ended.

It may have made a difference a month ago, and probably will make a difference in the future. But right now bitcoin is too bearish for this change to help.

The change came into effect on Saturday morning, so I suppose there is still the outside chance that trading may pick up on Monday (that's Sunday evening to you people in the States). At this point, I am not expecting much though.

[lottery248]

what? Japan has already exempted the 8% tax about bitcoin payment? that's another step towards total bitcoin legalisation. probably bitcoin pricing will surge based on Japanese exchange including mining behaviour. (?) i mean, if those bitcoin exchanges goes up 24/7 i would have seen bitcoin price to $2700+ IMO

[Wind_FURY]

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.

On the removal of the 8% consumption tax, it could encourage more people to use Bitcoin but I do not think we will see a big boost in the market immediately in my opinion. The market sentiment is still mixed right now in anticipation of BIP148 and Segwit2x.

[Torque]

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

[freedomno1]

Found : https://bitcointalk.org/index.php?topic=1996750.0



Good BOOST for monday.

I agree with you there, its great for remittance and sending coins since it reduces the friction aka the 8% tax to crypto.
Seeing how large Japan is economic wise and the increasing growth this is a nice sign.

[Sameffkakkare]

how will it react on market,? does price will rise or we will get to see some more blood

[magneto]

Always love reading and sharing good news about bitcoin!

Not exactly news, because the date was already out several weeks ago. But from today onwards there will be no double taxing on bitcoin.

Australia has done a similar thing with bitcoin, they used to tax bitcoin as a good, so a 10% GST, and when you buy something with bitcoin, they'll tax you once more. But yesterday/today depending on your timezone this was changed as well.

From 1 July 2017, though, the government is exempting purchases of digital currency from Australia's 10 per cent Goods and Services tax.

Who's next???

[btcney]

Always love reading and sharing good news about bitcoin!

This tax wasn't even rightfully imposed in the first place.

So basically, the government has been quietly taking 8% extra tax on every regulated single bitcoin sale, ON TOP of the taxes that you'd have to pay for goods and services if you bought something with bitcoin.

It's obviously good that Japan and Australia have both done this as a part of their country's program to become more innovative in the area of fintech, and it is extremely good news that they are doing this and probably is a big part of the recent bitcoin pump. But i wonder if they would consider refunding the tax difference for previous bitcoin purchases?

[Herbert2020]

how will it react on market,? does price will rise or we will get to see some more blood

the price is in the short term fluctuation and craziness for the time being so i don't think it will react to this particular news. it will probably continue being crazy for now.

this news however will contribute to the long term rise. because this means a lot more adoption, and that is real adoption by merchants and people using bitcoin as currency because the tax is removed on that not from traders who speculate and make profit. and that will always be much better and bigger rise in long run.