Japan Removes Consumption Tax On Bitcoin

in #bitcoin7 years ago

bitcoin-1813503_1280.jpg

As of July 1st, Japan has ended the 8% consumption tax on Bitcoin. The CEO of bitflyer, Yuzo Kano has said that this will have three ramifications. It will enable bitcoin exchanges to acquire bitcoins from abroad at cheaper prices. Japanese will be able to send bitcoin abroad because they no longer have to buy more expensive bitcoins, which made foreign transactions more costly. And finally, it will allow the Japanese to look at Bitcoin more like a currency, rather than something that is taxed differently.

Sounds to me like this is all great news for Bitcoin.

Read more here

Image from pixabay

Sort:  

Perhaps, we may have to wait til the scaling situation blows over before anything too exciting happens but I hope you're right!

That's what I'm thinking too. There are a bunch of "good" things happening, with very little price movement. I think the market is just being cautious until August 1. Then we'll see how it goes from there, I suppose.