Japan’s Bitcoin Sales Tax

An anticipated plan to end the sales-tax collection on the purchases of the virtual currencies in Japan will similarly impel the development growth of the Bitcoin and the other digital currencies as the alternatives to the fiat according to a report by Nikkei.

Right after the news, there are more exchange traders claimed on joining the Bitcoin’s bandwagon. The market research firm in which is the Seed Planning was estimating the Bitcoin’s annual trading quantity will climb to 2 trillion in this year. This positive move could slash costs for the buyers and will be another incentive that would probably motivate the existing Bitcoin users in the entire country that has depicted as one of the first to officially is acquainted with the digital currencies as money. And it could also raise the adoption by new users and the impact on the price of the top cryptocurrency. Last March 4, 2016, the cabinet in Japan had approved a series of bills in which would assist the banking sector and also expand their reach when it comes regarding information technology business and the new era of technologies. And it was the very first step on the path for the Bitcoin and the other digital currencies to play a role in Japan’s financial system. In this certain way, these currencies can be probably improved regulated and also managed within the entire country.

Yuzo Kano in which is the CEO of the BitFlyer noted by uttering that the trading quantity has been emergent at a pace that has not been noticed ever before since the season of spring. And the latest move to be able to end the sales-tax is derived right from the same legislation that passed in last May in this same year of 2016 that fully identified the virtual currencies as the means of payment in which is the kind of the prepaid payment instrument. At the moment that the law on the fund settlements as revised in May, it will be sufficient by the June in this coming year of 2017 and it will perhaps end up with 8% of the consumption tax that the buyers in Japan always pay just to be able to obtain the Bitcoins at dedicated exchanges and along with the other cost of fees in their transactions.

As based on the Financial Services Agency, the European countries and also the United States of America have been already eradicated the tax on the Bitcoin. And aside from that, the change would lessen the costs for the buyers and also the relieve operators of the virtual currency exchanges of the administrative burden in which was associated with the tax, and the administrative work will also be lessened as according to an official of a major Bitcoin exchange operator as it states that, “Japan is the one and only country among the Group of the Seven leading industrial economies that taxes the Bitcoin purchases. And as of September this year of 2016, there are around the summation of 2,500 stores all around and across Japan that is accepting the Bitcoin as means of their payments for shopping and dining,” this statement was released by the ResuPress in which is a Tokyo-based Bitcoin exchange operator in which plans to let the users to pay their electricity bills with the top digital currency.

Money or Not: Does the Bitcoin Can Be a Cash Equivalent?

The United Kingdom Gambling Commission views the Bitcoin as cash equivalent! The question still lingers in the corners of the Bitcoin community and society, on whether the Bitcoin is money or not, has enormous and massive implications concerning the anti-money laundering rules and regulation, the taxation and also the legal arguments, etc. The United Kingdom Gambling Commission has just made the view and speculations on this case and issue.

The UK Gambling Commission is an independent regulatory body, in which is sponsored by the United Kingdom Department for Culture, Media, and Sports. It was assembled and set up under the Gambling Act of the year 2005 to regulate the gambling in the Great Britain. It regulates and facilitates a broad range of variety of gambling activities in including the lotteries, the casinos, the arcades, the bingo, the betting, etc. The insights and views on the digital currencies in the license conditions in which are being issued by the Commission in the month of July the same year 2016, the Commission mentions and amended that the licenses should have appropriate and civil policies and procedures concerning the use of cash and the cash equivalents. Crucially and yet also remarkably, the definition of the cash equivalents includes the bankers’ drafts, the cheques, the debit cards and the digital currencies like the Bitcoin. The licenses must have controls in the place to minimize the risks and dangers to crimes in such as the money laundering.

The new license conditions are being valid from October same year 2016. The new license requirements are effective this coming 31st of October year 2016 as mentioned. A 3-month period has been given for the gambling operators to familiarize themselves with the changes that will occur immediately, the changes made were to ensure compliance. The license holders are expected to keep themselves informed regarding the developments and progress in the gambling legislation, the Gambling Commission guidance and codes of practices and procedures.

The Gambling Commission has the broad range of powers of enforcement that includes the imposing of additional conditions to a license, revoking a permit and the imposing financial penalties. The other countries could even follow what the UK just did. While the UK Gambling Commission has made the changed may not lead to an immediate and instant increase in the Bitcoin gambling, it establishes a precedent and a standard. Countries all across the world have lead to follow the footsteps when they try to look at the regulating of the Bitcoin in the gambling sector. A UK gambling-operator license may also help the gaming companies differentiate and classified themselves from their competition, given that the UK has an established and well-known, and yet mature gambling industry.

Digital Payment: Popularity is Shooting Up!

In spite of the fact that a selection of headlines to the divergent, bricks-and-mortar is yet still relevant at this very moment right in the digital payments consumer, even though it is not laying on the side of the traditional sense, as mentioned in the Visa’s 2016 Digital Payments Study. The study, for which Visa had surveyed for over more than 36,000 online consumers residing in 19 European countries, state that this is an addition to the summation of Europeans regularly using their mobile devices such as the smartphone, tablet or even wearable for the payments having tripled since the year of 2015. It certainly remarks that “showrooming” in which is the act of seeing an item in –store right before purchasing via online and it is an devastatingly well-known shopping means for firmly seven out of 10 in of which garners a percentage 69 consumers to select for the acquisition of medium to high-value items in specifically in the United Kingdom in which garners 80 out of a hundred.

The United Kingdom and Ireland Managing Director at Visa, Kevin Jenkins mentioned that “in Europe, we have been recently seen Apple Pay had launched in the United Kingdom, France and also Switzerland, and then Samsung Pay has also launched in Spain and Android Pay as same in the United Kingdom also. And we have also seen a new era of wearable payments such as the smartwatches, wristbands, and even the clothing. And it is much crystal clear that this trend will keep on accelerating and also allows the consumers to select the connected device that certainly fits with their lifestyle.”

Truly, it is the moment of skyrocket for the contactless payments. And the study also inclined to address the misconception that the digital technologies have been dropping user’s yearning for the human interaction and saying consumers who always prefer to purchase see an item in person. There are over 54% of respondents who regularly use their mobile device just to able to make payments for such a range of activities and compared with just 18% who were whether they used the mobile payments to be able to pay for their everyday goods and services at the moment that the study was conducted last year. The study also revealed that there is a shift in the consumer adoption of the digital payments that was being recorded in the past 12 months right from 38% of the people has been surveyed and they also said that they had never used a mobile devices to be able to make their payments and they even had no plans to do so there is a drop off in the percentage of 12.

The real future of the digital payments has indeed arrived! The two developing markets in which is Turkey has topped the list and Romania are among in the ten countries that garner the highest proportion of the mobile payments users and as according to the survey for their rapid leapfrog right from the traditional payment methods to embrace and adopt new technologies. The others are the developed markets in specifically with the Nordics in which are also evolving to new technologies at a different pace. In the United Kingdom, there is closely three-quarters in which garners the 74% of the people that has been surveyed that are the mobile payments users and more than a half of them use their devices to be able to transfer their cash right to their friends and family and that certainly gathers a percentage of 59 and just under the half of it use their devices to be able to purchase their take-out meals in which settles in 45%.

Once again the United Kingdom and Ireland Visa Managing Director Kevin Jenkins had spoken that, “this particular data is a confirmation that the future of the digital payments has indeed arrived at this very moment, and with the consumers all across the length and the breadth of the United Kingdom and Europe are with open arms embracing a variety of new means to pay.” And in supplementary with his previous statement he adds up that, “Visa sees the smartphones and the wearables as the startup of a broader trend with millions of new connected devices and making it much simple, safe and yet also secure at the same time to integrate their daily commerce transactions into almost of any technology.” Visa commissioned the Digital Payments research with the Populus; the study was conducted between the months of August and September of the year 2016 in the 19 European countries with the total summation of the sample size of 36,843 consumers with that approximation of 2,000 in each of the 19 countries.

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