Japan's cabinet decides Bitcoin is 'not a currency'

Japan has decided Bitcoin is not a currency.

The move comes after Japan's cabinet approved a document saying the popular cryptocurrency is not a currency and banks should not provide it as a product to customers.

According to Mashable, the move puts Bitcoin outside the purview of Japan's Financial Services Agency, which had also previously ruled that Bitcoin is a commodity, rather than a currency.

As a commodity, the Japanese Government decided, Bitcoin should be taxable when used to make purchases and when purchased on an exchange, the report added.