Saturday, April 1, 2017
Japan Declares Sale of Bitcoin Exempt from Consumption Tax
March has been a busy month for Bitcoin in Japan. The country officially recognizes Bitcoin as a method of payment today. While Japan prepares to recognize the digital currency, its long-awaited tax reform bills have also been passed this week. One area the bills address is the consumption tax treatment of digital currencies including bitcoin.
Also read: How Japan Prepares to Recognize Bitcoin as Method of Payment on April 1
Japan’s Consumption Tax
The consumption tax is the tax levied on spending on goods and services by the Consumption Tax Law, a municipal law in Japan. “This system can be considered 
Deloitte Japan explains that, before the tax bills were passed, digital currencies such as bitcoin “do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT [Japanese Consumption Tax] purposes”.
In Japan, the consumption tax is currently a flat 8 percent on all items, but it is scheduled to increase to 10% in October 2019.
No More Consumption Tax on Sale of Bitcoin
On March 27, the Japanese National Diet passed the 2017 tax reforms bills which include amendments to the Fund Settlement Law, enacted last May. The proposed amendments were agreed on by Japan’s ruling coalition last December. The Fund Settlement Law “newly defined “virtual currency” as a means of settlement”, according to Deloitte Japan, which explains:
The sale of virtual currency as defined under the new Fund Settlement Law be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.
But There are Still Other Taxes
The new rule defines digital currencies as “asset-like values” that “can be used in making payments and can be transferred digitally”, reports Japan Times. Therefore, bitcoin and other digital currencies are no longer liable for consumption tax of 8%. However, being asset-like, digital currency trading is still liable for capital gains tax.
“Profits from trading bitcoin, when coming from continuous trading for the purpose of 
Special thanks to: Anderson Mori & Tomotsune’s special counsel, Ken Kawai, for help in interpreting Japanese law.
What do you think of Japan dropping consumption tax on bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock and Bitflyer
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The post Japan Declares Sale of Bitcoin Exempt from Consumption Tax appeared first on Bitcoin News.
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Friday, March 31, 2017
Bitcoin Legality in India Is a Political Hobgoblin
What is the legality of Bitcoin in India? This is a gray area, but politicians have a tendency to say something negative about cryptocurrency. They do this to spin a yarn that it is “illegal.”
Also Read: Bitcoin Helps People Circumvent Economic Sanctions in Iran
This occurs because politicians use fear mongering to deter folks from certain behaviors, 
In reality, sociopaths called “world leaders” are merely passing judgement on people who choose to live freely of their own volition; they are condemning people who choose to buy stuff with their own money.
This exact thing happened on March 28 in India. The India Economic Times reported the prime minister Arjun Ram Meghwal replied to the Indian Parliament, Rajya Sabha, that using Bitcoin “could” lead to consequences for anyone who dares to disobey. He said:
“The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws”
Apple-Gagged Politician Pigs and the Indian LSD Drug Bust
The key word above is “could.” This does not mean that Bitcoin is “illegal” in India. 
This fear mongering of Bitcoin comes alongside drug raids in India.
Recently, there was a “drug ring” busted for possessing and selling LSD. For anyone unfamiliar, LSD or Lysergic acid diethylamide, is a psychedelic drug that produces visionary states of mind that allow people to heal, introspect, and experience love for life. It is not an evil drug that kills people. The only thing evil is the cops and politicians who cage the innocent for possessing the compound.
The Times of India reported on March 30, “The anti-narcotics cell of the city police arrested five people, including two students of two reputed colleges in the western suburbs, for drug trafficking and recovered psychedelic drug LSD worth Rs 70 lakh (about 7 million dollars) on Wednesday.”
The kicker is that the five people “drug ring” allegedly used bitcoin to make their sells. The media leveraged fake news to make Bitcoin sound evil as a result of the drug bust. They suggested bitcoin has been regularly used as a dastardly medium of exchange in drug transactions.
The media tied it in with the recent fear mongering about Bitcoin by the prime minister of India. The Times of India said, “The payments for the same were made through Bitcoins, a form of virtual currency. The government on Tuesday said Bitcoin is not authorised by RBI and any transction in it could result in breach of anti-money laundering provisions.”
Political Fear, Crypto-Legality, and Bitcoin the Hobgoblin
All of this political fear is indicative that the political class is having a fearful reaction against cryptocurrency
In reality, it is false that bitcoin is illegal in India. Someone could accidentally stumble into the minefield of anti-money laundering laws and drug possession statutes, but just using Bitcoin or trading is not considered “illegal.” It’s just that it “could” be illegal, in the Prime Minister’s own words.
This Indian battle of whether Bitcoin should be legal or illegal, accepted and used, is really just a political dig to prevent the spread and adoption of cryptocurrencies. The Indian government is playing the age old game of thrones; they are manipulating the population to see Bitcoin as evil. They want people to run away from exploring this money rather than embrace it. In this way, Bitcoin is a new kind of enemy.
H.L. Mencken said it best,
“The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”
In this case, Bitcoin is the hobgoblin, but the fear is indeed imaginary.
How can the Indian people overcome government fear mongering?
Images via Shutterstock and Wallpaperbackgrounds.com page.
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