Under Japanese law, bitcoins are not recognized as currency and transactions using it should be taxed based on the income, corporate and consumption tax laws, the Cabinet announced Friday in a written statement.
The statement was issued in response to a written question from Upper House member Tsutomu Okubo of the Democratic Party of Japan.
During his daily news conference, Chief Cabinet Secretary Yoshihide Suga said the Finance Ministry should consider how it can tax bitcoin-based transactions.