#AceFinanceNews says according to latest news Japan is looking at ways to tax Bitcoin transactions, a report said Tuesday, in the wake of the spectacular failure of the Tokyo-based MtGox exchange after a half-billion-dollar theft.
The finance ministry and the national tax agency are studying possible rules that could govern transactions using the digital currency, the Yomiuri Shimbun newspaper said.
Authorities believe purchases made with Bitcoin can be subject to consumption and corporate taxes, even though the unit is not a legal currency, the Yomiuri said without citing sources.
This latest case of irregularities that has lead to an the recent investigation as cites by Reuters in saying Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.
Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures. More on this story at http://wp.me/pzTwj-2tk
Has allowed a way for countries to tax Bitcoin transactions and bring them in line with many other the Monetary Systems controls, as was always wanted by the a number of countries.
This latest round of investigations, has only added fuel to the fire.
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