Login

Japan says Bitcoin is not a currency

dscf4053.0.jpg

Over the past 24 hours, a man believed to be the founder of Bitcoin was chased through the streets of Los Angeles, only to deny having any involvement in the project. But the identity of the mysterious Satoshi Nakamoto isn't the only Bitcoin news of the day: Japan has decided that Bitcoin isn't actually a currency.

According to The Wall Street Journal, the Japanese government has decided that the virtual currency isn't actually money as far as the country's regulators are concerned. That could mean that those regulators are off the hook for the collapse of Japan-based Mt. Gox, which filed for bankruptcy last week after losing some $500 million worth of bitcoins in a theft that has yet to be solved. Japanese authorities began investigating the sudden closure of Mt. Gox early last week, even though Japan's financial authorities claimed they didn't have jurisdiction over the matter. US prosecutors are also investigating the Mt. Gox closure.

Japan isn't washing its hands of Bitcoin entirely, though, reportedly setting down a couple of rules in the same decision. Commercial banks will not be allowed to deal in Bitcoin, and Bitcoin transactions will be subject to sales tax.

The Verge
X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new Verge username and password

As part of the new Verge launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to Verge going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new Verge username and password

As part of the new Verge launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to Verge going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.
Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.