Japan ends 8% consumption tax on bitcoin Today - page 2.

djtas bitbit

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Quote from: HI-TEC99 on July 02, 2017, 01:31:53 AM

Quote from: Wind_FURY on July 01, 2017, 08:38:23 PM

Quote from: HI-TEC99 on July 01, 2017, 05:25:57 PM

Quote from: aakashsangwan on July 01, 2017, 05:20:53 PM

Quote from: pixie85 on July 01, 2017, 03:13:53 PM

Quote from: Meuh6879 on July 01, 2017, 02:47:26 PM

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

I heard rumours some Chinese whale traders switched to using Japanese exchanges after the Chinese government froze withdrawals on the Chinese exchanges. If that's true the end of the 8% consumption tax could be very bullish.

As I understand the Chinese exchanges have already resumed withdrawals on May 31, so those rumors might only be that, just rumors.

From what I read they are only allowing small withdrawals that are no use to whale traders. I think it might be 10 Bitcoins a day with a maximum of whatever a million dollars a year is in yuan.

I suspect there may be a great enthusiasts in currencies so that they know that the real user will very little, but I've heard that Japanese buying and using bitcoin as trade exchange rate very high value there other than reasonable so that if the Japanese Government ended 8% consumption tax on bitcoin because the increase that occurred in user bitcoin in Japan

jorneyflair

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Quote from: HeRetiK on July 03, 2017, 02:16:06 AM

Between company x announcing to accept Bitcoin and actual usage is still a world of difference. Point of sale usage of Bitcoin has been sobering so far, at least anecdotally. But who knows, if Bitcoin "clicks" with Japanese culture they may just very well improve on the point of sale process.

Agreed. I don't think that this legalization has as much effect on bitcoin and actual users of bitcoin as people think it to have. Honestly you're probably going to encouraged but probably not pushed over the edge to accept bitcoin as a merchant by the law.

But from a speculator's point of view, 8% tax is a whole lot, it means that now japanese buyers are able to have 8% more buying power than they had previously. This is obviously great news. Price of each bitcoin has risen a little, but not that much. But i think the activation of this law has brought bitcoin out of a almost week long bearish trend back into green.

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Quote from: Kyraishi on July 02, 2017, 10:45:43 PM

Actually, since the law has been announced i have heard of a lot of retail stores/hotels in japan accepting bitcoin or planning on doing so in the near future. Even if merchants don't pick up bitcoin, as i said it's still an added incentive for investors to invest in btc in japan.

Between company x announcing to accept Bitcoin and actual usage is still a world of difference. Point of sale usage of Bitcoin has been sobering so far, at least anecdotally. But who knows, if Bitcoin "clicks" with Japanese culture they may just very well improve on the point of sale process.

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

I'm pretty sure that Australia has done a similar thing, except the taxation on bitcoin was actually 10% in their country? It's extremely positive news for bitcoin in general, but more specifically for these bitcoin traders in the countries. I'm sure that now there will be a lot more regulated exchanges willing to pick up bitcoin trading, and more merchants accepting it as well.

Quote from: Torque

something something Country lifts tax on bitcoin something it had no right to impose in the first place something something

I agree with this. It was essentially a double taxing, governments have no right to tax their citizens unfairly like this, and they pocketed the change for themselves. But at least they corrected their mistake, unlike most other countries in the world who don't even bother to look into bitcoin more before banning it altogether.

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Quote from: Torque on July 01, 2017, 10:45:51 PM

something something Country lifts tax on bitcoin something it had no right to impose in the first place something something

Funny thing you mentioning that thing, when they use something to earn only profit day after day, then their government imposes tax on something.
More funnier, how would they allow their government to put a watchdog over their something activities in the first place? they deserve it then to stay the same slaves as before.

Kyraishi

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

Woohoo!

This isn't some bullshit law to just regulate bitcoin either, it is a legitimately effective law for potential bitcoin buyers because otherwise they'd be looking to take a 8-10% loss as soon as they purchase bitcoin, which would deter a lot of people from ever using bitcoin.

Australia has done a similar thing, effective 1st july as well.

Quote from: HeRetiK on July 02, 2017, 07:31:14 AM

Quote from: alyssa85 on July 02, 2017, 06:47:44 AM

Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

Asking the hard questions. So far I doubt that it's little more than a novelty.

Actually, since the law has been announced i have heard of a lot of retail stores/hotels in japan accepting bitcoin or planning on doing so in the near future. Even if merchants don't pick up bitcoin, as i said it's still an added incentive for investors to invest in btc in japan.

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Quote from: Yuuto on July 02, 2017, 04:55:54 AM

Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

Australia as well, it's definitely positive news for bitcoin.

I think that this is proof enough that China is slowly diminishing into the background for bitcoin stories. I remember a few months back everyone was still talking about chinese exchanges and how the chinese are pumping bitcoin up, and everything that bitcoin is doing at a particular moment was attributed to the chinese. Not anymore, because the people's bank of china decided to put strict capital controls on funds flowing into and out of bitcoin exchanges.

Quote from: Salicorne on July 02, 2017, 04:15:58 AM

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

Actually, these two countries legalizing bitcoin(aka taking tax off) is incredibly useful because before it meant that you'd be looking to overpay 8% for your bitcoins, on top of market spreads.

The positive is that it opens up that market to new investors that will now be willing to buy bitcoins cheaper. More investors means more demand and a price increase. It may not be an immediate impact but over time it should make a significant difference.

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Quote from: alyssa85 on July 02, 2017, 06:47:44 AM

Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

Asking the hard questions. So far I doubt that it's little more than a novelty.

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Quote from: aakashsangwan on July 01, 2017, 05:20:53 PM

Quote from: pixie85 on July 01, 2017, 03:13:53 PM

Quote from: Meuh6879 on July 01, 2017, 02:47:26 PM

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

I'm going to hazard a guess that it was 8% higher or thereabouts? The Japanese were paying 8% more for buying Bitcoin (and altcoins) from abroad - now they wont be. Going forward, we should see parity with other exchanges or there will be an awesome arbitrage opportunity.

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Does anyone have any figures on how many Japanese are actually using bitcoin to buy stuff (the consumption tax would only affect those who use bitcoin as a currency).

Meuh6879

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Quote from: Salicorne on July 02, 2017, 04:15:58 AM

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

from 1200 USD to 2400 USD = India & Japan & Korea.

and it's just the first wave of "holders" ... the local early adopter.

Yuuto

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

Australia as well, it's definitely positive news for bitcoin.

I think that this is proof enough that China is slowly diminishing into the background for bitcoin stories. I remember a few months back everyone was still talking about chinese exchanges and how the chinese are pumping bitcoin up, and everything that bitcoin is doing at a particular moment was attributed to the chinese. Not anymore, because the people's bank of china decided to put strict capital controls on funds flowing into and out of bitcoin exchanges.

Quote from: Salicorne on July 02, 2017, 04:15:58 AM

Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

Actually, these two countries legalizing bitcoin(aka taking tax off) is incredibly useful because before it meant that you'd be looking to overpay 8% for your bitcoins, on top of market spreads.

Salicorne

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Even though I doubt there will be a that big interest because of probable low use, at least that will have the merit to put Bitcoin under the light for some days.

xypos

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

Yeah, a lot of people are saying that the current pump is unjustified but i do think that this is no longer a bubble. This is a good price level for bitcoin, because Australia and Japan both have started to remove taxes on bitcoin on 1st July, and india is following.

This tax was unfairly imposed upon bitcoin traders in the first place. But now it's lifted, everything is all g Cheesy

Let's hope that even more countries can do this, especially the Eurozone. If the eurozone can legalize bitcoin, although it is extremely unlikely since they are so dependent on central banking, then all the crisis countries(Greece etc.) can start switching to bitcoin without additional taxes and charges. We've already seen that when there is a financial crisis, bitcoin usage soars in a certain country like venezuela.

HI-TEC99

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Quote from: Wind_FURY on July 01, 2017, 08:38:23 PM

Quote from: HI-TEC99 on July 01, 2017, 05:25:57 PM

Quote from: aakashsangwan on July 01, 2017, 05:20:53 PM

Quote from: pixie85 on July 01, 2017, 03:13:53 PM

Quote from: Meuh6879 on July 01, 2017, 02:47:26 PM

Good BOOST for monday.

The boost won't be that big. Japan still isn't the leader in trading. Also, somebody should investigate how their Bitcoin businesses are really doing.
I suspect there could be big interest in the currency but only out of curiosity and very little real use.

Last time I heard, Japanese were all over bitcoins. They were buying like hell and also that the bitcoin price in Japanese exchanges was pretty higher than the other exchanges.

I heard rumours some Chinese whale traders switched to using Japanese exchanges after the Chinese government froze withdrawals on the Chinese exchanges. If that's true the end of the 8% consumption tax could be very bullish.

As I understand the Chinese exchanges have already resumed withdrawals on May 31, so those rumors might only be that, just rumors.

From what I read they are only allowing small withdrawals that are no use to whale traders. I think it might be 10 Bitcoins a day with a maximum of whatever a million dollars a year is in yuan.

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Quote from: Sameffkakkare on July 01, 2017, 11:23:23 PM

how will it react on market,? does price will rise or we will get to see some more blood

the price is in the short term fluctuation and craziness for the time being so i don't think it will react to this particular news. it will probably continue being crazy for now.

this news however will contribute to the long term rise. because this means a lot more adoption, and that is real adoption by merchants and people using bitcoin as currency because the tax is removed on that not from traders who speculate and make profit. and that will always be much better and bigger rise in long run.

btcney

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

This tax wasn't even rightfully imposed in the first place.

So basically, the government has been quietly taking 8% extra tax on every regulated single bitcoin sale, ON TOP of the taxes that you'd have to pay for goods and services if you bought something with bitcoin.

It's obviously good that Japan and Australia have both done this as a part of their country's program to become more innovative in the area of fintech, and it is extremely good news that they are doing this and probably is a big part of the recent bitcoin pump. But i wonder if they would consider refunding the tax difference for previous bitcoin purchases?

magneto

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Quote from: topper26 on July 01, 2017, 01:45:49 PM

Always love reading and sharing good news about bitcoin!

Not exactly news, because the date was already out several weeks ago. But from today onwards there will be no double taxing on bitcoin.

Australia has done a similar thing with bitcoin, they used to tax bitcoin as a good, so a 10% GST, and when you buy something with bitcoin, they'll tax you once more. But yesterday/today depending on your timezone this was changed as well.

Quote

From 1 July 2017, though, the government is exempting purchases of digital currency from Australia's 10 per cent Goods and Services tax.

Who's next???

Sameffkakkare

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how will it react on market,? does price will rise or we will get to see some more blood

Topic: Japan ends 8% consumption tax on bitcoin Today - page 2. (Read 2162 times)