Japan Officially Recognizes Bitcoin and Digital Currencies as Money
As word of Bitstamp’s approval in the European Union breaks, Bitcoin itself may be scaling even higher fences in Japan. Bitcoin has certainly had a checkered past in “The Land of The Rising Sun,” but has been making great strides to rebound over the past two years. Now, it appears that Bitcoin and the world of digital currency have officially been accepted as “having a function similar to money” within the island country.
The real question is how will it be taxed? Can you keep your books denominated in a crypto or must you convert to fiat for profit and loss calculations?
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