Japan declares that Bitcoin is not a currency

bitcoin march 8The Japanese government has decided that Bitcoin is not a currency, and therefore those in charge of regulations may not get into any trouble concerning the $500 million loss of Bitcoin that Mt Gox recently suffered before shutting itself down.

Despite these claims, it still hasn’t stopped both the Japanese and American governments from investigating the former Bitcoin exchange.

This could be a way for them to officially wash their hands, though that hasn’t stopped them from putting down a few laws, ironically, regarding Bitcoin. The laws include restricting commercial banks from deal with Bitcoin, and there will now be sales tax on transactions made using Bitcoin.

[via The Verge, image via antanacoins’ flickr]

Related Posts