Virtual currencies have assumed a new prominence in business and finance, raising important questions about their role, viability and regulation. As the largest trading market for bitcoin, Japan can play an important role in answering these questions.
What exactly is bitcoin good for anyway?
Perhaps it's a payment system. If so, it's inferior to credit cards and grossly overvalued.
Cabinet: Bitcoin is not a currency
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 announces.
