Gutting Satoshi — How Bitcoin can be taxed at 110% in Japan
Author: Content Editor
The article discusses how Bitcoin and other cryptocurrencies are being heavily taxed in Japan, to the point where the tax can sometimes exceed the value of the crypto assets. The report highlights that some individuals may be taxed at as much as 110% of their Bitcoin value, leading to negative returns for heirs and sellers. The article emphasizes that Bitcoin was originally created as a form of electronic cash that operates outside the control of financial institutions and third parties, but the increasing involvement of the state in Japan has turned it into a liability. The country's new prime minister has expressed doubt about the legitimacy of Bitcoin and has shown little interest in tax reform for cryptocurrencies. In addition to capital gains taxes, the article highlights the impact of inheritance taxes, where individuals may be taxed for even more Bitcoin value than they initially received. The report concludes by mentioning the development of peer-to-peer protocols that enable peaceful individuals to use their money freely and efficiently, without being subjected to high taxes or funding wars.