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Bitcoin Becomes Legal Payment Option In Japan, Prices Spike
A bill to amend Japan's Banking Act has finally come to fruition, recognizing Bitcoin and other cryptocurrencies as legal tender. The bill has far-reaching repercussions for the digital currency world as well as the way that cryptocurrencies can be traded and exchanged. The Banking Act was modified after a long process of debate and dialog which saw proponents of digital currencies arguing on their behalf. Now, after months of discussion, the bill has come into effect as of the beginning of April. Section 3 of the bill has been modified to including wording on virtual currency and is being called the Virtual Currency Act, according to reporting by Brave New Coin. Digital currencies like Bitcoin have finally received definition and recognition as a means of payment by the Japanese government. The Banking Act's Payment Services Act has also moved to define a digital currency as "property of value," meaning that it is usable for payment in the broader marketplace and that it may be bought or sold. At the same time, the Japanese bill distinguishes between digital currencies like Bitcoin and "electronic money." Digital currency, in this case, is not issued by a specific entity and may be used by any accepting individual, while electronic money can be linked to a specific issuer and can only be used by that issuer or persons specified by the issuer. Along with the recognition of Bitcoin and other digital currencies is the stipulation that profits from trading of those currencies may be considered as "income from business activities or miscellaneous income." This makes Bitcoin subject to various taxes, including capital gains tax. |
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| Mitt Romney |
In the richest country in the history of the world, this Obama economy has crushed the middle class. Family income has fallen by $4,000, but health insurance premiums are higher, food prices are higher, utility bills are higher, and gasoline prices have doubled. Today more Americans wake up in poverty than ever before. |