Japan Considers Regulating Bitcoin as Currency
UPDATE (24th February 3:35am BST): This piece has been updated with comment from Japan's Financial Services Agency. Regulators in Japan have reportedly proposed treating digital currencies like bitcoin as methods of payment, a distinction that would make them legally equivalent to conventional currencies in the country. According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is considering whether to make revisions to legislation that would classify digital currencies as “fulfilling the functions of currency”. “They are now recognized as objects but are not treated on a....
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Japanese legislators officially proposed handling virtual currencies as methods of payment on February 23, Nikkei reports. This would mean that virtual money, such as Bitcoin, would become the regulatory equivalent of conventional currency. Legislators of the financial services industry believe that this move could potentially strengthen consumer protection and create growth in the virtual economy. At the moment, Bitcoin is recognized as “an object,” but it is not considered equal to more established forms of currency. The proposed changes to the definition of virtual currencies would mean....
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The Japanese Cabinet, this morning, declared that it does not consider Bitcoin to be a currency, reports Reuters. Japanese government says it may tax Bitcoin deals and impose regulations on its handling by the financial sector - details of which have not yet been specified. Not Our Job. There seems to be some reticence between Japanese authorities to address the matter of cryptocurrency. In today's statement the cabinet said: “Any bitcoin transactions are taxable when they fulfill requisitions stated by laws on income tax, corporate tax and consumption tax.” The Financial Services....
Indonesia should follow Japan and support bitcoin, according to an article in okezone.com, an online portal of news and entertainment that focuses on Indonesian readers both in the country and living abroad. The article, by journalist Kurniasih Miftakhul Jannah, calls for the country to take action to make bitcoin more acceptable in his country, in light of the progress other countries are making. The article noted that bitcoin has been approved as a legal currency in Japan. Japan’s Financial Services Agency, which manages the circulation of the yen currency, will regulate bitcoin, the....