Japan Says Bitcoin Not Currency But Still Taxable

Law360, New York (March 7, 2014, 12:40 PM EST) -- Japanese regulators will not treat Bitcoin like actual currency but will still tax the digital currency under income, corporate and consumption tax laws, a Japanese news agency reported on Friday.

A statement from Japan's Cabinet says that it has interpreted banking laws to ban banks from opening bitcoin deposit accounts and ban brokers from trading in bitcoins or exchanging bitcoins for foreign currencies on behalf of their customers, according to the Japan Times.

Chief Cabinet Secretary Yoshihide Suga said during a press conference on Friday that...
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