Ruling Party in Japan Says Bitcoin Regulation Not on Their Radar For Now
There are bigger and more important things to worry about at the moment for the Japanese ruling party, it would seem. Reuters reports that the Liberal Democratic Party in the country has decided to not pursue the regulation of digital currency in the aftermath of the collapse of Mt. Gox, a Tokyo-based bitcoin exchange. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Takuya Hirai was quoted as saying. Hirai is a Liberal Democratic Party lawmaker who heads the internet media division of the party. A final decision as to whether or not said regulation....
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Japan's ruling political party has announced that it is against regulating bitcoin for the time being. The Liberal Democratic Party (LDP) made the statement as an interim measure, but the final decision will be made after hearing "more opinions" on the matter, said LDP lawmaker Takuya Hirai. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Hirai told Reuters. Mt. Gox fallout. Following the highly publicised collapse of bitcoin exchange Mt. Gox, Japanese authorities found themselves in the glare of the world's media spotlight. The exchange was....
BREAKING: According to Reuters, Japan will not regulate Bitcoin in the nearest future. Japan's Liberal Democratic Party has decided to go against Bitcoin regulation in the aftermath of the Mt. Gox failure. Bitcoin has been under scrutiny by the authorities in Japan, the temporary conclusion by the Liberal Democratic Party is therefor somewhat surprising. The Liberal Democratic Party lawmaker Takuya Hirai, who leads the party's internet media division, said on Thursday: Basically, we concluded that we will, for now, avoid a move towards legal regulation. He also told that a final decision....
While the U.S. ramps up discussions of a digital dollar and China’s central bank digital currency (CBDC) draws near, Japan’s CBDC, otherwise known as the digital yen, is getting closer to its realization as well. Japan’s ruling Liberal Democratic Party member, Hideki Murai, explained in a recent interview this week that more clarity on the digital yen would be revealed next year. Ruling Liberal Democratic Party Member Hideki Murai Says Clarity on the Bank of Japan’s CBDC Is Coming Next Year In recent times, Japan has been discussing the creation of a digital yen....
The ruling party in Japan, the Liberal Democrats, have formed an investigative committee that will look into Bitcoin from a governmental perspective, the party said in a statement. The committee’s first comments are that Bitcoin transactions should be “subject to taxation,” opening up a possible avenue to establish regulation. The Japanese government also said banks would not have license to broker Bitcoin. "As a matter of common sense, if there are transactions and subsequent gains, it is natural ... for the finance ministry to consider how it can impose taxes," Chief Cabinet Secretary....
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....