Bitcoin is not currency say Japanese government
Adam Pike, News Editor
7 Mar 2014, 10:57 a.m.
Japans chief cabinet secretary Yoshihide Suga has confirmed the Japanese government does not view bitcoin as currency and it should be taxed. The Japanese government has also banned all banks from providing customers with bitcoins.
Earlier this year China stopped all banks from handling bitcoin trades and Russia declared all bitcoin trades illegal.
The government of Japan is trying to calculate the total value of bitcoins in circulation with initial figures estimating this to be as high as £4.2bn.
Bitcoin is currently trading at $640.96 per coin.