Japan Ends 8% Consumption Tax On Bitcoin Today

Major Implications For Bitcoin

Yuzo Kano, CEO of bitflyer, the largest Japanese bitcoin exchange by volume, told Bitcoin.com that the elimination of the consumption tax will have three ramifications.

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Japan Was Restrictive

Japan is the sole economy among the top seven major industrialized nations in the world that taxed bitcoin buying. Discussions to end the tax began last year when a member of Liberal Democratic Party, Japan’s ruling party, asked Japanese Finance Minister Taro Aso during a Parliamentary session meeting not to impose the tax on bitcoins in line with the international trend.s will no longer have to buy more expensive bitcoins, so Japanese users can send bitcoins abroad without paying a price gap.

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