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Should Banks be a Public Utility?By Yves Smith. Japan has just decided that Bitcoin is not a currency, which subjects it to sales and income taxes. This is consistent with the view of the. Japan has just decided that Bitcoin is not a currency, which subjects it to sales and income taxes. This is consistent with the view of the. The obvious problem with Bitcoin is that it cannot be used as a tool of monetary policy. Because the supply of Bitcoin is fixed at 21 million.