The Pandacoin Hangout

Pancham used PND DANCE

(Reuters) - Japan will this week set out rules on how to handle bitcoins, the first sign that the government is taking action on regulating the virtual currency after the collapse last week of Tokyo-based Mt. Gox, once the world's dominant bitcoin exchange.

The cabinet will decide on Friday how to treat bitcoins under existing laws, said people familiar with the matter, adding that banks and securities firms will not be able to handle bitcoin as part of their main business, suggesting the crypto-currency will be treated more as a commodity, like gold.

Japan has struggled to define its approach to bitcoin since the collapse of Mt. Gox, which filed for bankruptcy protection in Tokyo on Friday, saying it had lost bitcoins and cash worth some half a billion dollars due to hacker attacks on what it said was its lax computer system security.

Correction: Japan will TRY to tax BTC deals. It's a distributed, peer to peer network, people. It's not that simple to track transactions back to individual people and organizations.

Toppest of lels.

I'm not sure.

You watch the world exploding every single night Dancing in the sun a newborn in the light Say goodbye to gravity and say goodbye to death Hello to eternity and live for every breath YOUR TIME WILL COME

YOUR TIME WILL COOOOOOOME

Let the tipping begin