Japan has decided that it will be making a set of rules for Bitcoin trading, the Japanese government will treat Bitcoin in a similar way to a commodity like gold and not a currency.
Any gains made via trades through Bitcoin through online exchanges will be subject to Japanese tax, and also any purchases made using Bitcoin will also be subject to tax.
This will mean that Japan will be the first major country to impose trading rules on Bitcoin and also tax the digital currency.
The Japanese government intends to release guidelines for Bitcoin trading in Japan, and any purchases made using Bitcoin will be subject to an 8 percent tax.
Companies and individuals will also need to pay tax on any gains they have made through Bitcoin, although how they will be able to track this remains to be seen.Filed Under: Technology News, Top News