Japan approves regulation of bitcoin as a commodity

Japan's government has approved a measure to classify the BitCoin electronic currency as a commodity and not as currency, a fact that assumes a pioneering step in the whole world in terms of exchange regulations.

The measure approved today comes after the recent breakdown of Mt.Gox. In this situation, the Japanese Executive had to rush to take the first steps to create a legal framework around the trade in this currency.

Among the provisions adopted, the office of the prime minister, Shinzo Abe, has established that the profits derived from the BitCoin on-line market, procurement processes conducted with the encrypted currency and the returns obtained by companies that currency will be submissive to taxes in Japan