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Like the Income Tax Department in India, the IRS in the U.S. isn’t too keen about Bitcoin {BTC}; Japan has a different approach

A few weeks ago, the Income Tax Department had sent letters to people who were involved in purchasing crypto-assets and trading. A similar move was initiated by the Internal Revenue Service, who have mailed warnings to many who are suspected of “misrepresenting” income they have earned via trading on exchanges.

This shows how privacy has been infringed upon due to efforts by”officers of the law”. The IRS has been involved in a crackdown against cryptocurrencies for too long. The IRS has included a compulsion that no matter what [even if the charges leveled against a person are false], the man or woman who has received a letter must respond diligently.

Do you see? The Government will never want bitcoin and other cryptocurrencies to succeed. Because then they’d be running out of business. Politicians are controlled by powerful capitalists who don’t care even if a recession comes by. The rich would be safe but the poor would always need to struggle.

On the other hand, Japan has been growing as a hub of blockchain technology.

In fact, “decentralized blockchain technology” has been used to power P2P energy trading, smart metering, and billing, and so on- when it comes to the industry dedicated to solar energy. Japan houses more than 70 among the world’s biggest floating solar plants. However, fossil fuels still remain important in comparison to renewable energy.

Inclusion of such revolutionizing technology in other industries shows that Japan is willing to experiment to facilitate future growth of the industry. Japan has always been at the forefront of innovation, alongside Korea [where lawmakers stand by their skepticism as they are unsure of the long-term benefits of bitcoin].

BTC is priced at $10,132 presently. A drop rate of 2.06% was noted. The total market cap of the king coin is $181.186 billion, while the supply has 17,882,587 BTC coins in play.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.