RATE Group | Japanese Finance Minister May Be Opposed to Lowering Tax on Crypto
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Japanese Finance Minister May Be Opposed to Lowering Tax on Crypto

02 Jun Japanese Finance Minister May Be Opposed to Lowering Tax on Crypto

Posted at 08:29h in Cryptocurrency News by

Finance Minister Taro Aso suggested he was unwilling to push for lowering the tax rate on cryptocurrencies in Japan to a flat 20% because it’s difficult for many households to invest in digital assets.

Aso was responding to a question from Japan Restoration Association member Shun Otokita at a meeting of the House of Councillors Committee on Financial Affairs which convened on June 2. 

“Out of 1900 trillion yen [17.6 billion USD] financial assets held by households in Japan, around 900 trillion yen [8.4 billion USD] is now being held as cash deposits and that is abnormal,” said Aso. 

Despite Japan being the birthplace of cryptocurrency, the country still has many cash-based businesses and individuals who keep their savings liquid. The Finance Minister went on to claim that it would be difficult to convince investors in Japan to put their cash into crypto, so the tax rate need not be adjusted.

In Japan, nearly all cryptocurrency-related income — from trading, mining, and lending…

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