Seeking Alpha

Japan grapples with Bitcoin

  • Japan has decreed that Bitcoin is not a currency and the government has no laws to define it, although the government said in a statement it can tax transactions.
  • The country's banks can't broker Bitcoin transactions or create customer accounts to hold digital assets, Japan said, although brokerages and asset managers can manage clients' Bitcoins.
  • The comments come amid calls to regulate Bitcoin and a week after the collapse of Mt. Gox, a leading Tokyo based exchange, due to a massive theft.
  • The government's statement also comes after Newsweek marked the return of its print version with a bang by "outing" 64-year-old Japanese-American physicist Dorian S. Nakamoto as the creator of Bitcoin, although he yesterday denied involvement in the digital currency.
  • ETFs: BITCN, BTCS
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