Japan considers regulating, taxing Bitcoin

I don’t like this – I feel taxing and regulating Bitcoin is against its core concept, and is just Japan being unnecessarily afraid of Bitcoin.

Gigaom

In the wake of the MtGox collapse, Japan is looking into regulating Bitcoin — including a possible tax on the cryptocurrency, according to a report Tuesday.

The Yomiuri Shimbun newspaper said that the finance ministry and national tax agency are looking into ways to govern Bitcoin transactions. Officials think that purchases made with the digital currency should be taxed according to existing consumption and corporate tax laws, said the Yomiuri Shimbun, although the report did not cite any sources.

The move would mean Bitcoin would be treated not as a currency, but as a commodity, like gold. Money made from trading the currency online could be taxed, according to the Nikkei Asian Review.

The U.S. is taking the opposite approach — for now. Yesterday, Federal Reserve Chair Janet Yellen said that the U.S. federal reserve can’t regulate Bitcoin because it operates outside of the banking system. She did…

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