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Japan to propose treating Bitcoin as a currency

Monday 29 February 2016 | 10:18 AM CET

Japan’s governing Liberal Democratic party has unveils plans to propose legal changes that would define Bitcoin and other cryptocurrencies as currencies.

The changes would mean Bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan.

Japan considers Bitcoin a commodity. The new definition would consider anything that can be exchanged for goods and services or legal tender as a currency, bringing Bitcoin, dogecoin and many other cryptocurrencies into the fold.

Japan, the home of Mt. Gox, the Bitcoin exchange that folded in 2014 and lost coins worth hundreds of millions of pounds, has been looking for ways to keep a closer eye on cryptocurrencies and prevent another disaster.

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