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Russia: Bitcoin Exchanges Can Be Penalized

(Feb. 6, 2014) On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled “On Using Virtual Currencies, Specifically Bitcoin, in Transactions.” (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) In the absence of legal acts that would regulate the use of Bitcoins, this statement appears to […]

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 […]