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Denmark: Recent Bank and Tax Statements on Bitcoin

(July 16, 2014) On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, “Bitcoin does not have any real trading value compared to gold and silver, and thus is more similar to glass beads.” (Press Release, Bitcoin er ikke penge, Danish […]

Canada: Canada Passes Law Regulating Virtual Currencies as “Money Service Businesses”

(July 9, 2014) On June 19, 2014, the Governor General of Canada gave his royal assent to Bill C-31 (An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 and Other Measures (Bill C-31), STATUES OF CANADA 2014, Ch. 20), which includes amendments to Canada’s Proceeds of Crime (Money […]

Italy: Recent Developments on Bitcoin

(June 12, 2014) On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds Warning on Bitcoin, BITCOIN NEWS SERVICE (May 2, 2014).) The main grounds for the Central Bank’s objections […]

European Union: Central Bank Board Member Speaks on Bitcoin

(June 6, 2014) On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a form of payment in comparison with virtual currencies such as Bitcoin. He commented that consumers have […]

Cyprus: Status of Bitcoin

(June 6, 2014) The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a new master’s degree program in Digital Currencies. The University has also suggested to the Cyprus government […]

Mexico: Warning Issued on Risks of Using Bitcoin

(June 4, 2014) In April 2014, Mexico’s National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF, a government agency under Mexico’s Department of the Treasury) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, CONDUSEF, Alerta CONDUSEF sobre uso del bitcoin como medio de pago, […]

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, […]