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Poland: Bitcoin Transactions Made Subject to VAT

(June 4, 2014) As reported by numerous websites publishing Bitcoin-related information, on May 27, 2104, the Lodz provincial office of the Polish Tax Administration issued a statement to the effect that the value-added tax on goods and services will be imposed nation-wide on profits received from sales of Bitcoin. (See, e.g., Eric Calouro, Polish Tax […]

Netherlands: Local Court Ruling on Bitcoin Transaction

(June 4, 2014) It was reported on May 19, 2014, that a court in Overijssel, The Netherlands, had issued a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties. The court held, citing a written interpellation of the Minister of Finance by the Dutch parliament, that the virtual currency “is a […]

Netherlands: Central Bank Statement on Virtual Currencies

(June 4, 2014) On May 8, 2014, in an item entitled “Virtual Currencies Are Not a Viable Alternative,” published in its news bulletin, the Bank of the Netherlands (DNB) put forward its stance on the Bitcoin and similar currencies. According to the DNB, “virtual currencies such as bitcoin are unlikely to replace the current financial […]

Philippines: Central Bank Issues Warning on Virtual Currencies

(Apr. 30, 2014) In March 2014, the Philippines’ Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. 6, 2014).) The BSP’s statement indicated that because Bitcoin transactions have been taking place in the Philippines, […]

Mexico: Central Bank Issues Warning on Risks of Using Bitcoin

(Apr. 29, 2014) In March 2014, Mexico’s Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedáneos de los medios de pago en moneda de curso legal (Mar. 10, 2014).) Banxico’s statement warned the […]

Estonia: Rules on Taxation of Bitcoin

(Apr. 18, 2014) On March 13, 2014, the Tax and Customs Board of Estonia published on its website a document entitled Taxation of Trade in Bitcoins (Maksustamine Bitcoin’idega Kauplemisel (Mar. 2014)). In this first government statement concerning the official policy in regard to Bitcoin, the Board followed the position of the European Central Bank and […]

Canada: Anti-Money Laundering and Anti-Terrorist Financing Regulations for Virtual Currencies to Be Introduced

(Feb. 14, 2014) On February 11, 2014, the Canadian Finance Minister, Jim Flaherty, unveiled the Federal Budget for 2014, which included a brief mention of the plans of the Canadian government to introduce anti-money laundering and anti-terrorist financing regulations for virtual currencies such as Bitcoin. (Hon. James M. Flaherty, The Road to Balance: Creating Jobs […]

Norway: Bitcoins Are Capital Property, Not Currency, Says Norwegian Tax Authority

(Dec. 11, 2013) Bitcoins, the online currency, have received much media attention in a short time and become an up-and-coming international means of payment. (Joe Light, Virtual-Currency Craze Spawns Bitcoin Wannabes, THE WALL STREET JOURNAL (Nov. 20, 2013).) Now the Norwegian Tax Administration (NTA) has weighed in on the legal classification of bitcoins by issuing […]

Vietnam: Ban on Gold as Medium of Exchange

(Apr. 18, 2012) On April 3, 2012, the Prime Minister of the Socialist Republic of Vietnam (SRV) issued Decree No. 24/2012/ND-CP on the management of gold trading. The Decree stipulates that there will be a government monopoly of bullion production and of the import and export of raw materials for gold bar production. As of […]

European Union: Slovakia Adopts the Euro

(Jan. 5, 2009) January 1, 2009, marks the tenth anniversary of the adoption of the EU common currency, the euro, which was instituted six months after the establishment of the European Central Bank. The Bank introduced the banknotes and coins in 2002. In addition, on January 1, 2009, Slovakia becomes the 16th EU Member to […]