Japan has remained one of Bitcoin biggest hubs hosting a number of companies and trading exchanges. However grey areas around the regulation on the coin are slowly becoming transparent and at the benefits of traders and consumers. Where previously you would have to pay a tax of around 8% on Bitcoin use in Japan, this is in the process of being removed now as Japan ceases to be the only economy to tax purchases and sales in Bitcoin and cryptocurrencies.
The discussion to end the tax had long begun and the results are set to be visible throughout the economy by next year as parliament follows the trends set by other countries such as the UK, the US etc. However it was pointed out that countries such as Australia which have decided to tax the currency, but opted out to charging for the purchase of Bitcoin itself.
“Can’t you consider not imposing consumption tax on Bitcoin’s in line with the international trend?”
Japans industry size has been regarded as one of the biggest when it comes to Bitcoin. With a wealth of Bitcoin technology in development and an infrastructure much more advanced than other nations the country remains one of Bitcoin’s greenest pastures.
To conclude, the removal of the tax comes as amazing news for traders and consumers as not only is Bitcoin use made cheaper but also less complicated. Furthermore remittances to your relatives in Japan will also be much cheaper making sure more of your money makes it into the hands of your family. Using Nigeria’s premium Bitcoin exchange, NairaEX you can send money over to Japan in a matter of hours without the tax.