July 1, 2017, In a historic move, today Japan has ended 8% consumption tax on Bitcoins The law goes into effect nationwide making it easier for Japanese to access the global markets via cryptocurrencies.
This move is slated to have a very positive ramification in the Japanese market in the months to come and a ripple effect is expected in other growing markets like India which is considering forming a framework around Bitcoin and other cryptos in general.
According to Bitflyer's CEO, Yuzo Kano who made the following comments officially to Bitcoin.com:
- Japanese users will no longer pay a higher rate and can send BTC without a price gap that existed due to the 8% tax.
- The psychologically positive effect of this move makes Bitcoin seem more like a "currency" even as it is only a new method of payment under the Japanese law and not considered as a "currency."
- Bitcoin exchanges will be able to buy bitcoins abroad. This is very important since resident exchanges have been taxed for buying virtual currencies (BTC and altcoins) from non-residents. Japan will finally have access to global markets.
Australia Removes Double Tax on Bitcoins
Today, Australia also ended double taxation on Bitcoins. These governments are allowing their people to use the latest technologies to improve trade and personal lives. There's a lot for the Indian government to consider here.
From July 1, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes.
Now Australian citizens won't have to pay GST twice. Once on purchasing bitcoins then again when using it in an exchange or purchase of good or services that come under the GST law in the country.
How Does This Benefit Bitcoin Users?
- Change perceptions about Bitcoin and crypto and make them more mainstream.
- Easier to purchase and sell and make a decent income without losing out on profit margins due to higher taxes.
- Reduced administrative work for people in this sector.
- Ability to use Bitcoin to pay for bills, purchase goods and services online via e-commerce platform and pay for items in a retail store.
- Increased possibility of trade and commerce for citizens of these nations where Bitcoin is accepted as legal tender.
- New opportunity for local entrepreneurs to setup businesses around in this space.
Can India Learn From This?
- Bitcoin is being legalized in some of the biggest economies in the world.
- Technologically superior countries are adopting this technology and providing their people with a choice and new modes of payment.
- Reducing trade barriers can help the Indian economy grow at a faster rate.
- There are plenty of hurdles in doing any business and trade in India. Bitcoin makes it easier to make and receive payments. This alone can improve the entire business sector if BTC were allowed be a legal tender.
- Government needs to educate itself and the masses on the benefits of cryptocurrencies instead of cautioning them against use when many developed countries are legalising Bitcoins.
- It can lead to a boom in e-commerce and exciting new opportunities in this space.
- Opportunities for Indian startups to raise development funds through an ICO.
I could go on but as you can see, these are incredible times and I strongly believe that the Japanese and the Australian governments are doing a fantastic job to help their people take their lives and businesses to the next level by increased adoption of Bitcoin.
Thank you for your attention and support.
You may also continue reading my recent posts which might interest you:
- TheQuint Features My Story as an Early Adopter to Bitcoin, Steemit & More!
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- Let's Talk—How To Deal Effectively with Steemit Skeptics on Facebook and Reddit!
All nations can learn from this. It's called "free trade". No mafi..I mean government breathing down your neck with a police officer's gun to enforce taxes paid. Way to go Japan and Australia!
Japan and Australia are really set up a benchmark!
This post received a 3.2% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
Awesome to see Japan continuing to lead the world in Bitcoin adoption. They're a smaller population by far compared to India, America, China, etc which gives them the advantage of being able to move faster and experiment.
Hopefully it shows the other governments that bitcoin is a healthy thing and can help to create more economic growth.
Yep! Japan and Australia have set a good example for the rest of the countries to follow. Hope things fall in place soon in our country as well. Hoping for the best.
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This is great news! Here's hoping other countries (India and others) will adopt similar policies. Thanks for sharing @firepower :)
I am hoping the same. Thanks :)
If there is a country that is fast adopting bitcoin, I would say its Japan. I like the tax adjustment made by Australian government and am hoping the Indian government will move to adopt bitcoin
I am really hoping the same. Good to see Japan and Australia doing their part.
Bitcoin really seems to be taking off in Japan. They have negative interest rates so people there have less than zero incentive to have their savings in Yen.
Good to see that.
That is indeed good, Hope India will Follow them soon. Legalization of bitcoins provides a variety of benefits to the customers, the hurdles earlier associated with trading diminishes and more and more users can easily attain access to the cryptoworld. Legalisation of btc in India will be a gamechanger indeed, lets wait and see.
Yeah! Let's wait and watch :D
good news for cryptoworld
Good news indeed
Hopefully this goes to push the price up a bit :)
Yeah, it should :)
This is fantastic news! I hope other countries follow suit soon. Please have a look at my recent article: https://steemit.com/bitcoin/@ldauch/rollercoaster-of-emotion-dealing-in-bitcoin-and-cryptocurrency
Sure. thanks!
This is a very good look for Bitcoin. Thanks for sharing.
Yes, very much. You're welcome :)
Bitcoin on the rise :D 🙏🏽
That's great news for us! :D
taxes the biggest scam in the world!
Yeah, one could say that!
Really? Tax in bitcoin? wow! just no
Yeah, for real.
Hey @firepower, India has a lot to learn from Australia and Japan. And its good to see Bitcoin on the rise.
Sooner or later bitcoin will be adopted by masses and we have to wait and see when our countries will accept bitcoin and make it possible to use in daily life.
Yeah! I hope it happens soon.
This comment has received a 0.02 % upvote from @booster thanks to: @cryptokraze.
Definitely!
Just like Norway or Switzerland, where you pay no taxes on buying or selling crytpocurrencies (:
Yaay! I like that sound of that. ;)
this is awesome bitcoin is taking over.Viva !!! Bitcoin.
Wooohooo!! Go bitcoin go!!
Good news! Bitcoin is becoming more and more mainstream
Yes, indeed :)
What if I say I have a ICO in plan...And probably I would raise funds..Will Indian govt. try to regulate ICOs too which I think is impossible
You never know. Why don't you give it a shot.
This is an important article. I upvoted and resteemed. Crypto currencies will free humanity from the prison the banksters have kept us in. No more debt-slavery system. This article is proof positive of where the world is going! The paradigm is shifting!
True that. Things are gonna be great soon once that happens.
Its happening!
I think its interesting that there were taxes on these things at ALL
Haha yes, interesting indeed.
Great news for all of us! Think that BTC value will hit 3k shortly!
Woohooo!!
Awesome Post, Very well explained. Proud.and Thanks.
Thanks.
Great news, hope others follow same...
Yah! Hoping the same.
I don't think india can learn that quickly... As all the other things it will too take time...
But i'll pray the day comes soon :)
Thanks for sharing this valuable information...
Steeming on and on.. :)
Thanks. I hope so too!
Great move by Japan... Hope india follows the path
I really hope the same. Can't wait for it!
☺️👍
can india learn from this , definitely no, we might see highest gst rates in india ,
I hope things change soon and for the better!
About time we saw more stuff like this. Thankfully the Asian countries are a bit more forwarding thinking when it comes to cryptos. I hope the others will be as well. Seems like Japan and South Korea are really working to lead the pack in many respects.
True that. More countries will join in soon ;)
and this is just the beginning ! what it fears me most is the regulations , i know they will come at some point..but the question is when & where !
Well, you never know. Let's hope for a bright and great future :)
Another great news for Bitcoin. I wrote about Delaware giving Bitcoin a stamp of approval yesterday, and today, this! Another reason I'm commenting is because I learned a lot on how to properly present a meaningful and helpful piece of information to create real value. Keep up the great work!
Thank you so much. Keep going ahead and Steeming! :)
little by little bitcoin will be recognized as a legal currency.
the change is lead by the people in this case but will need to be recognized in the long term.
when that milestone is achieved then will be the time to have a stable price for the currency, but not yet.
True that. But eventually it will, I hope.
yes! is a type of currency that had no reference before. even the euro, when it started had some appreciation and depreciation looking for its place. and you had several indicators to take into account to set an initial price.
so, what is happening with bitcoin and other cryptos is expected until adoption finalizes and the uncertainty vanishes
I suppose so
I do not think that India will come up with a frame work anytime soon. The Government still needs time and probably it will get a legal status and will not be taxed.
I hope things get better and go on a good track :)
Yep, hope for the best.
I really hope that Japan will keep on growing, they've been doing a real good job so far. Hopefully bitcoin will continue to grow on further. Good article, you really took an effort. Thank you for sharing
Thank you so much for your views. :)
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Thank you so much :D
This is great news for bitcoin! I am just now learning more and more about cryptocurrency, I am a little late to the party.
No issues. You will eventually get there :)
Tq for info. I follow u :)
Folback n upvote my post plz @kakilasak
Thanks! :)
Goood @firepower :)))))