Japan to Decide on Bitcoin This Week Following Mt. Gox Collapse
Tweet
Share
E-mail
Japan is going to evaluate how to handle cryptocurrencies like Bitcoin this week following the collapse of Tokyo-based Mt. Gox last week.
Reuters cites sources in saying that banks and securities firms will not be able to handle Bitcoin as part of their business, which hints that the virtual money will be treated more like gold or other commodities.
Japan was mulling a way to tax Bitcoin, but given the anonymity of transactions, that would be extremely difficult to accomplish.
The verdict is mixed on Bitcoin in various markets, some banning the virtual currency altogether and others setting ground rules. Most of the way governments would be able to receive tax on Bitcoin is through retail/service transactions. At that time, most businesses move to convert Bitcoin to dollars as quickly as possible in order to deflate any high-risk associated with the currency.
Since moving above $1,000 late last year, Bitcoin has halved and trades around $668.
Reuters cites sources in saying that banks and securities firms will not be able to handle Bitcoin as part of their business, which hints that the virtual money will be treated more like gold or other commodities.
Japan was mulling a way to tax Bitcoin, but given the anonymity of transactions, that would be extremely difficult to accomplish.
The verdict is mixed on Bitcoin in various markets, some banning the virtual currency altogether and others setting ground rules. Most of the way governments would be able to receive tax on Bitcoin is through retail/service transactions. At that time, most businesses move to convert Bitcoin to dollars as quickly as possible in order to deflate any high-risk associated with the currency.
Since moving above $1,000 late last year, Bitcoin has halved and trades around $668.
Create E-mail Alert Related Categories
Forex, Insiders' BlogRelated Entities
BitcoinSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
