Japan removes 8% Japanese Consumption Tax on Bitcoin
April 1st represented a major milestone for Bitcoin's credibility around the world as Japan was the first to truly legalized the currency, encouraging commercial ventures to accept it as they do the Yen and encouraging investors to dive in.
Over the past 3 months Japan has not rested in trying to get Bitcoin to be fully adopted. One thing standing in the way was a relatively expensive tax, of 8% that was levied on Bitcoin. As of today this tax has been eliminated, making investing and trading in Bitcoin that much more enticing.
Being so forward thinking is bringing further attention to the potential for cryptocurrencies around the world. It'll be exciting to head over to Tokyo sometime 2018 and fund an entire adventure using only Bitcoin!
Japan now sees Bitcoin accepted within 260,000 additional Commercial Locations!
Recruit Lifestyle Co., Ltd. partnered with Japanese bitcoin PoS, Coincheck. This has now provided Bitcoin with an added 260,000 commercial facilities which can accept the cryptocurrency. This includes restaurants, pharmacies, and other retailers. This is just the beginning too!
South Korea is staging Legalization of Bitcoin
India has been in the news seeking a way to regulate and legalize Bitcoin, South Korea is jumping on the bandwagon, as it should. Considering that Korea now represents around 8% of the global trading of Bitcoin and over 20% for Ether! They've come out of the wood works, similar to how China had last year.
Korea is looking to add regulation to the Bitcoin and Ethereum. The idea is that Exchanges will need to have a reserve of fiat in place to maintain liquidity to manage volatility.
The positive news here is certainly that major governments are taking crypto seriously which means that larger investors may start to see it as a viable option.
As we see greater adoption of cryptocurrencies worldwide we're moving towards an environment where it must be taken seriously. The space is not a ponzi scheme or one for criminal activity. A legitimate move towards digital currency is upon us. Where we go is anyone's guess, but it's so great to be observing and being a part of a global phenomenon.
What do you think about Japan and Korea's recent moves?
Sources:
https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected
https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/
https://cointelegraph.com/news/south-korea-to-soon-legalize-bitcoin-and-ethereum-protect-traders-from-bubble-burst
https://news.bitcoin.com/rollout-of-260000-bitcoin-accepting-stores-in-japan-begins/
upvoted! i wish to give $10 upvote but my max vote only $0.03
Very kind of you, bud. Thank you for the upvote, whatever the amount. :)
Excellent piece. Concise, yet full of the most important pertinent information with links to the full articles. Just like it should be. Keep up the good work!
Hey bud. Thank you so much. I do enjoy putting together in-depth articles on areas I'm exploring, but sometimes these news articles are worth a look at too. :) Super stoked about what this means for Bitcoin and the rest of the crypto space. Asia knows where the future is at. We just need the Western world to catch up!
Excellent article... I can't really give an opinion on this, but what I can say is the future is bright for bitcoin and cryptocurrencies in general.
Thank you.
You're most welcome. Honestly, I didn't do the heavy lifting aside from reading and reporting with a few anecdotes. With that said it is incredibly important that we are all aware of global events that are and will fundamentally impact the adoption of Cryptocurrencies. This is just one more positive step in the right direction.
I completely agree with you, in my weak opinion, this is perhaps the biggest step towards global implementation of bitcoin.
If Japan are successful and prove it can Be done then I can see man that neighbouring countries like N Korea, china, India jumping on board pretty soon within the next few years....
We only needed 1 major developed country to do this. It sets the standard. Now the decision to follow suit becomes MUCH easier for the other countries. It's a herd mentality. No one wants to be wrong, so they don't take the first step. But once the first step is taken by someone else without any flack... then why not join on in :)
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STOPIt seems that Korea and Japan will be the two major hubs for crypto integration into the mainstream.
I' thinking that we will see people trade their coins on a more personal level if the exchanges get over-regulated or taxed. Maybe we will have an increase in OTCs in stead.