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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 […]