Japan Considering Regulating Bitcoin

The Surge

It seems we can’t go a week, or even a day for that matter, without a new story about Bitcoin. Obviously, that underscores its current importance on the world stage.

After the collapse of Mt Gox, one of the larger bitcoin exchanges, Japan is looking at regulating the virtual currency. However, it won’t be regulated like other currencies are, but rather as a commodity (think oil or gold). This will certainly be a tough task, which Chairwomen of the US Federal Reserve Yellen pointed out last week. It’s not completely known how Japan plans on regulating the currency, other than they are considering adding their consumption tax onto it.

This would require any businesses that have significant transactions in the currency to report it. Individuals who also deal, mine, or hold in the currency would also need to report it. There is also a chance that banks and securities could…

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