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Finance

Virtual money poses accounting dilemma for Japan's early adopters

Asset or expense? The bottom line depends on the answer

The Japanese market for virtual currencies is projected to reach 1 trillion yen ($9 billion) in fiscal 2020.

TOKYO -- A new law defining virtual currency as a payment method goes into effect in Japan this Saturday, but in the absence of specific accounting rules for innovations like bitcoin, companies are feeling their way forward.

The Accounting Standards Board of Japan decided Tuesday to begin consideration, expected to take six months, of a framework for treatment of virtual currency.

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