[BREAKING NEWS]: Japan Ends 8% Consumption Tax On Bitcoin Today

[Minecache]

Hot news story straight in from East side.

Updates to follow...

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

[arpon11]

This is really a great news. Japanese government has great interest in crypto currencies and end such great percentage on consumption tax on bitcoin will stimulate bitcoin investment and in turn create acceptability of crypto currencies transactions.

[avikz]

That's indeed a very good news to the entire crypto currency community. Withdrawing 8% consumption tax will surely help bitcoin to have more investment and the market cap will increase due to that. Japan was always a great supporter of new technology and they have welcomed block chain technology.

That's the reason they are the most technologically advanced country in the world. They know how to embrace new technology to make the most out of it. I hope other countries will start follow their path soon.

[pixie85]

I hope this will make more businesses embrace Bitcoin. For now it's been only a way to attract curious customers or get yourself free advertising on Bitcoin news sites.
It's time Bitcoin payments become something more common.

[buwaytress]

Wasn't surprising to learn this, since the Japanese government has been very receptive towards Bitcoin. It's still good news, nevertheless. Perhaps buying Bitcoin on local exchanges there can be a lot cheaper now, or at least move towards global market prices. Nakamoto, if he were ever Japanese, would approve.

[freedomno1]

Sweet, an even better incentive to use Bitcoin Japanese users became able to pay utility bills with bitcoin at cheaper rates in November 2016.
(If only electricity was cheap enough to make mining more attractive)
https://www.ovoenergy.com/guides/energy-guides/average-electricity-prices-kwh.html (26 cents is a bit expensive)

[Sithara007]

From various bitcoin exchange, 100k shops could accept bitcoin this year thanks to 3rd party bitcoin payment service and now japan ends 8% consumption tax. Japan soon will be the most friendly country towards bitcoin in Asia and could have more adoption rate than America or Europe.

Positive news from Japan has taken the exchange rates from $1,000 per coin to $2,500 per coin, and this happened despite the setback on Bitcoin ETF from the United States SEC. Imagine what can happen, if the other nations also start supporting Bitcoin.

[Yakamoto]

Hot news story straight in from East side.

Updates to follow...

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

That's a pretty impressive move for a country to do right now, to be completely honest. I wasn't expecting for them to do something that took away from taxes they would be getting, but I guess they would still be bringing in whatever sales taxes they do outside of just a consumption tax on Bitcoin.

Good to see that they're aiming to legitimize Bitcoin as a means of payment within their borders and making it more equal with their own domestic currencies.

[romero121]

Japan ending 8% consumption tax is better and in the falling days we can see more and more good news from Japan as well other countries. As a part Australia too have taken back the tax levied on bitcoin transaction. This will surely cause a big user growth within the country.

[squatz1]

While this is great news and I do applaud the Japanese government for doing something like this, I still hold the view that the governments are just doing this to lay off Bitcoin as they don't see it as a threat yet in anyway, shape, or form. I think when they do find the time where Bitcoin is causing issues with the rule that the government has over currency control in their country, they're going to go right back to this and more and not care at all towards what we feel about Bitcoin.

The time will come, the time will come!

[dihari]

And now the government will really, how legit are bitcoin to bring money to a country from taxes income. It should be a consideration to any others countries to make it legal and tradable on their countries. The velocity of money that happen in bitcoin market is the proof of what are they doubting now.

[Amph]

this is pretty much like other country are doing, i see that in italy also there is an exemption of bitcoin in taxation for now, you can trade as much as you want and don't pay anything

it's exempt from capital gain here if you don't go above a certain threshold, 51k in a week

[Makka]

I hope this announcement coming from the ever-innovative and modern country, Japan, will be heard loud and clear by other countries. The future is bitcoin. There is no need to hamper its growth. This will definitely encourage more huge investors to go into bitcoin. Further, this will also bring other countries into the bitcoin doorstep.

[moooonu]

That's a great move by Japanese government. Ending of this 8% consumption tax will boost btc's use and hence more flow of btc in the market. We might see as increase in price of bitcoin too.

[freedomno1]

Well besides increasing the taxation as Amph said it might spur some investment that increases the GDP since their economy isn't really growing and has negative interest rates partially due to the aging population it could be an attractive place to put their assets besides bonds with low yield.
A bunch of businesses using it and boosting the coffers is a good thing in the end.

[Windpower]

Hot news story straight in from East side.

Updates to follow...

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

The Japanese have always been the pioneers of Bitcoin in my eyes. I am really glad to see that they had taken away the tax on Bitcoin, but I am not really surprised that they did it. They obviously want more people to use Bitcoin or they wouldn't have done it, and after they made it an acceptable and legal currency in their country, the demand has increased tremendously. However, I don't really think that this will increase the price of Bitcoin as it will only attract a few people. Most of the people in Japan, who will actually reap the benefits of the removal of this tax, and that want to invest into Bitcoin have already done it. I think that there are definitely some that still haven't and want to, so this will be an extra push for them. But it is not that large amount of people meaning that it won't make a huge impact on Bitcoin.

[YuginKadoya]

Nice Job Yuzo Kano, CEO of bitflyer, the largest Japanese bitcoin exchange and I think this news that cut off the tax for bitcoin would change the pace on the interest of new users in getting on with the bitcoin wave and earn lot of bitcoin and many satisfied users that have been paying their bills and using bitcoin as their source of income, I think Japan had done a great job in getting more people into bitcoin, in innovating bitcoin more!

[surix]

I always like the first comment of news:

"Maybe the Japanese government is Satoshi Nakamoto..."

 

[Mandoy]

Hot news story straight in from East side.

Updates to follow...

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

This just throws the fertilizer for bitcoin to fully grow in Japan. As the article say removing the 8% consumption tax will really benefit the buyer of bitcoins since they can buy bitcoins at a lower value since it has no tax. Bitcoin activities in Japan will be more lively in Japan and this signals possibly an increase in Bitcoins value in the coming months. Aside from that remittance of money going in and out of Japan in the form of bitcoin will be much more livelier and efficient. Overall this will not just bring an impact to the bitcoin environment but also to the economy of Japan, its like hitting two birds with one stone.

[Adbitco]

It feels good reading and hearing such news. Japan seems to have taken the lead in the fast adoption of bitcoin and it can be a great boost for the growth of other cryptocurrencies along with bitcoin.