Japan is gearing up to impose regulations on the bitcoin cryptocurrency, according to a report from local business paper Nikkei Asian Review.

With the new rules, Japanese citizens would be taxed for bitcoin purchases and the protocol would be treated as a commodity, similar to gold, rather than an actual currency.

Governments have been unsure of how to handle bitcoin as it grows in popularity. Japan emerges as one of the first to take direct steps to control the currency.

The news comes just days after Mt. Gox, a high-profile bitcoin exchange based in Tokyo, shut down after losing a massive 750,000 bitcoins due to an alleged bug.

Japan to regulate Bitcoin trades, impose taxes [Nikkei Asian Review]

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