Japan is leading the way with the introduction of the new Virtual Currency Act which is explained here – The Virtual Currency Act However, it seems that virtual money poses an “The current Japanese accounting standards do not address digital currencies so there is no guidance on how to report them properly for tax purposes.Therefore, many people and companies simply leave their digital currency holdings off their books.Those who report them often mark their bitcoin holdings as “inventory” on their balance sheets.Issuers usually report them as a “liability”.However, the lack of standards means, “there is a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly”, said Chikako Suzuki, a partner at Pricewaterhousecoopers Aarata.Nikkei Asian Review wrote: The Accounting Standards Board of Japan decided Tuesday to begin consideration, expected to take six months, of a framework for treatment of virtual currency.”  Read the full article here Learn more about Bitcoin Adoption in Japan Download the Bit-Media app from the Google Play store here, it is FREE.

The app will be available from the Apple iStore shortly.25% discount when you purchase Cryptopay debit card – CLICK HERE Get a FREE BITCOIN EDUCATION and keep abreast of the news by following Bit-Media Blog, Bit-Media Facebook page and the Bit-Media YouTube Channel Embrace the new digital economy, do not get left behind!bitcoin legal status in indiaA little over a month after Japan declared the digital currency bitcoin (BTC) to be an officially recognized legal payment method, the Japanese bitcoin exchange Coincheck has announced the first interest-paying bitcoin deposit accounts for the Japanese market.According to a report by the Nikkei Asian Review, the Tokyo-based digital currency exchange will start offering bitcoin fixed-term deposit accounts to its users.andreas lehrbaum bitcoinCoincheck Lending offers four possible plans, each with a different timeframe and interest rate.Users will be able to deposit bitcoins for a period of 14 days to receive a 1 percent annual interest rate, a period of 30 days will generate 2 percent annual interest, 90 days will make users 3 percent, and for a one-year bitcoin deposit users will receive 5 percent interest.bitcoin martin lechowicz

That means that a user who, for example, wants to hold 10 BTC as a long-term investment and receive interest on his holdings can generate an interest income of 0.5 BTC, which equates to around $885 at today’s bitcoin exchange rate.bitcoin lekAll interest payments on the deposits are received at the end of the deposit term.lekkerurlaub bitcoinAccording to the Coincheck Lending page, bitcoin is currently the only deposit currency on offer, but other digital currencies such as Ethereum, Ripple, Monero, Factom and Augur will be available to deposit “in the near future.” All verified Coincheck users are able to use the new lending service provided they agree with the company’s loan consumption agreement.Bitcoin Has Been Paying Interest for a WhileWhile Coincheck is the first bitcoin startup to introduce bitcoin deposits in Japan, it is not the first company to provide this service.bitcoin rolf leuenberger

The old argument of bitcoin opponents that bitcoin is inferior to fiat currency as it does not pay interest has long been untrue.bitcoin lernenSeveral bitcoin exchanges, including Bitfinex and Poloniex, offer users the possibility to lend bitcoin to margin traders in return for daily interest payments.bitcoin lessonsFurthermore, U.K.-based bitcoin savings account providers BSave and Magnr also pay interest on bitcoin deposits.bitcoin lewishamThe idea of earning a fixed interest on bitcoin holdings may sound appealing to investors, especially those who consider themselves long-term holders.bitcoin lelystadHowever, a fixed-term bitcoin deposit is not the same as a fixed-term deposit in fiat currency, as the former comes with no regulatory protection should the company with which users deposit their funds goes bankrupt.bitcoin leyes

Coincheck actually highlights this fact on their lending page, stating that “users have a risk [of] not being able to receive deposited cryptocurrencies in a case [where] Coincheck [goes] bankrupt.” Japan’s Financial Services Agency stated that Coincheck’s deposit service is exempt from the country’s banking regulations as bitcoin is not legal tender.bitcoin lifetime price chartHowever, should bitcoin become a mainstream payment method in Japan, services such as Coincheck’s bitcoin deposit accounts could receive their own regulatory requirements.bitcoin lieferdienstBusinessTech As bitcoin price surges, greater usage remains in question by , taking bitcoin for payment was easy enough.bitcoin lightning network roadmap

All co-founder Roger Wu had to do was obtain a digital wallet.To promote the move in 2014, he even penned a blog post for Forbes explaining the decision.bitcoin like paypalThe number of transactions ... BusinessTech Blockchain, technology behind Bitcoin, emerges as key tool in food safety battle The food industry is turning to the same technology used by virtual currencies to strengthen food safety and inventory management by tracking meats and crops from farm to table.bitcoin linux clientWorking with IBM, retail giant Wal-Mart Stores Inc.bitcoin liputan 6is testing the technology system on mangos ... BusinessTech BITPoint in talks to add bitcoin payments to outlets across Japan by , and BITPoint Japan, the company behind Peach Aviation’s move to let travelers use bitcoin to pay for tickets, is planning to give hundreds of thousands of retail outlets the ability to accept the digital currency.bitcoin liquidity provider

“We’re holding discussions with a retail-related company,” Genki Oda, BITPoint’s ... National Aomori city sees bitcoin as way to attract overseas tourists by The castle city of Hirosaki, Aomori Prefecture, has moved into the digital currency age with the launch of a project to use bitcoin to lure international travelers and preserve the city’s historic attractions, an apparent first by a Japanese municipality using a cryptocurrency.lucy liu bitcoinThe ... BusinessTech More retailers in Japan accept virtual currency by With the use of virtual currency spreading, especially overseas, more retailers in Japan are opening up to payments from tourists via the blockchain technology.bitcoin live rate in indiaBusinessTech Kim Dotcom announces Bitcoin system for payments to content uploaders Controversial New Zealand-based internet mogul Kim Dotcom plans to launch a bitcoin payment system for users to sell files and video streaming as he fights extradition to the United States for criminal copyright charges.bitcoin partners llc

The German-born entrepreneur, who is wanted by U.S.law enforcement ... BusinessTech Bitcoin 'creator' races to patent technology with gambling tycoon by and The man who last year made global headlines by claiming to be Satoshi Nakamoto, the creator of bitcoin, is working with a fugitive online gambling entrepreneur to file scores of patents relating to the digital currency and its underlying technology, blockchain.selachii llp bitcoinCraig Wright, the ... BusinessFinancial Markets Bitcoin 2016's best-performing currency, breaks through $1,000 barrier The value of bitcoin surged above $1,000 on Monday as the digital unit continues a dizzying rise that made it the best-performing currency of 2016.bitcoin locations nycIts value has more than doubled in the last year and it was trading at around $1,024 in afternoon ... Business Utility venture to promote cheaper electricity payments via bitcoin by A bitcoin startup plans to join Japan’s growing ranks of power utilities and accept the cryptocurrency as payment for electricity charges, promising bills four to six percent cheaper than the competition.bitcoin login usa

ResuPress Inc., a Tokyo-based startup that runs a bitcoin exchange and storage service ... BusinessFinancial Markets Bitcoin is money, U.S.bitcoin lokatyjudge says in case tied to JPMorgan hack Bitcoin qualifies as money, a federal judge ruled on Monday, in a decision linked to a criminal case over hacking attacks against JPMorgan Chase & Co.bitcoin lompakko varmuuskopioDistrict Judge Alison Nathan in Manhattan rejected a bid by Anthony Murgio to dismiss ... BusinessFinancial MarketsANALYSIS Cryptocurrency exchanges under attack, risking repeat of Mt.bitcoin lolGox debacle When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency.bitcoin longest time between blocks