Japan Ends 8% Consumption Tax On Bitcoin Today
Bitcoin users in Japan no longer have to pay the 8% consumption tax on bitcoin transactions as of today, July 1. Under the “Cabinet Order for Partial Revision of the Order for Enforcement of the Consumption Tax Act,” digital currencies are exempt from consumption tax.
The revised law abolished consumption tax on digital currencies, but other taxes such as personal income tax, capital gains tax or corporate income tax still remain, according to Bitcoin.com
I wonder if this is gonna affect its value...
Source: cryptocoinsnews.com
Japan is the first country to be fully developed in cryptocurrency
I don't know if this change in rules will increase the value of bitcoin, but it does increase its usefulness as a "medium of exchange".
yeah but i'm thinking that's gonna increase demand, which also adds to the fact that because of this it's getting a little more attention from the press, increased demand = higher value
Yes, but it is in an indirect way. It will have an effect, but it will play out over a long period of time. I don't think Bitcoin suddenly will increase a lot because of this. This change of rules adds to the usefulness and this is a slow process until Bitcoin "crosses the chasm". Than the effect of this change could have significant impact. An article I wrote about "crossing the chasm": https://steemit.com/bitcoin/@remyremy/a-50-drop-in-a-couple-of-days-and-a-35-recovery-in-24-hours-should-you-worry