Bitcoin price rising again, after the Japanese government eliminates taxes
The Japanese government has eliminated taxes on the sale of Bitcoin from July 1. Expect to increase the number of transactions as a result of this decision.
In a previous release, Deloitte's consulting firm announced that Japan intends to protect cryptocurrencies, including Bitcoin, from charging the 8% tax:
“The supply of virtual currency will be exempt from Japanese Consumption Tax . Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”
Bitcoin price is rising again:
Since the elimination of these taxes, which took place on July 1, Bitcoin price began to increase. Currently, it's quoted at PRICE
It is possible that the actions of the Japanese government that favor Bitcoin may be taken as an example by the whole of Asia, the continent holding 65% of the global market share.
The decision to remove fees for Bitcoin also has an impact on traders. Recently, some of the largest companies in Japan have begun to accept cryptocurrencies as payments. Soon, thousands of restaurants, cafes and shops will also begin accepting Bitcoin as payments. AirRegi, the largest POS operator in Japan, plans to integrate Bitcoin in the fall of 2017.
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Nice article! How do the Japanese retailers deal with transaction time and confirmation, with such high rates recently?
At the moment, I see the trend of growth and development Bitcoin. Crypto currency covers an increasing number of people. Investors run to invest and invest in start-ups and in these currencies. Businessmen are kicking and trying to quickly create a business based on Bitcoin. This is exactly a new wave that embraces everyone and everything, and it does not matter who stands above, the government or the director.