Japan eliminates Bitcoin tax, prepares for Bitcoin insurance

Japan continues to lead the way in the adaption of Bitcoin as a viable currency as it eliminated tax on the cryptocurrency this weekend while Japan-based Bitcoin exchanges are preparing insurance products to protect its users from missing out on transactions. 2017 has already seen Japan crowned as Bitcoin’s biggest friend as it has officially recognised the digital currency as a legal payment method. In a bid to continue developing and stimulating the cryptocurrency movement in the country, authorities have continued to focus on ways to improve the use of the cryptocurrency and to make it easier to use.

Tax elimination

Previously, Bitcoin users in Japan faced a tax rate of 8%. This has now been removed, thus making the cryptocurrency more affordable in the Asian country and also increasing its profile while at the same time removing one of the restrictions that had been imposed and limited the currency’s use. As Bitcoin usage continues to soar in Japan, removing the tax is likely to encourage the increase in its use as it makes transactions with the cryptocurrency both cheaper and quicker.

 

Insurance for bitcoin transactions

Meanwhile, two of Japan’s leading bitcoin exchanges are formulating insurance policies so as to protect Bitcoin users and offer more security when completing transactions with the cryptocurrency. This is another step in establishing that Bitcoin transactions are safe and trying to move away from the idea that dealing with the digital currency will leave its users exposed to a high level of risk. The insurance is intended for retailers and merchants who accept bitcoin at point-of-sale exchanges or through online interactions. It will protect them in the event of technical problems which may inhibit the successful completion of Bitcoin transactions.

What does it mean for Bitcoin users in Japan?

All this means more good news for Bitcoin users in one the world’s biggest economies and more encouraging signs for Bitcoin enthusiasts who are hoping for Bitcoin to make headway in their countries of residence and operation. Japan’s experiment with Bitcoin so far has been positive and its integration is moving smoothly for now. Surely, this will be a sign of encouragement for those countries who continue to have doubts of the viability of accepting the cryptocurrency in official uses.

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