Bitcoin Is Finally a Legal Payment Method in Japan!
Effective April 1st (And no, this wasn’t an April Fool’s joke), Bitcoin is now a legal payment method in Japan J Bitcoin values increase following this ruling as they now trade up to 2.8% at $1,133 coin.
While this law doesn’t exactly acknowledge the virtual currency Bitcoin, it does however, require Bitcoin entities to be more regulated through the Financial Services Agency (FSA) as well as register with the Prime Minister. This type of process essentially prevents anti-fraud and laundering.
Next up for Bitcoin, the dreaded tax reporting. Bitcoin currently holds no tax reporting laws and therefore, current Bitcoin users do not have to claim such on their taxes 🙂