Norway deems Bitcoin a taxable asset, not a currency
Norway’s director general of taxation has said that Bitcoins “don’t fall under the usual definition of money or currency.” Instead, the richest country in Scandinavia will consider Bitcoins as assets and thus impose capital gains tax on Norwegian holders. This comes four months after Germany classified Bitcoins as “private money” that are nonetheless taxable. In the meantime, Christian Holte, the above-quoted director general of taxation, said the Norwegian government would coordinate certain legal implications of Bitcoin with other governments. “If there’s a crisis or power outage, you....
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Norway is now planning to withdraw NOK 121 bln (close to $15 bln) from its sovereign wealth fund in order to cover its loss of oil revenue. The idea that Norway’s sovereign wealth fund could put cryptocurrency in its portfolio now sounds wild, but in reality it could happen soon. The country is the biggest oil exporter in western Europe and with crude oil prices down, it has hurt the Norwegian economy and if oil prices do not rise. The fund itself is approximately $890 bln. The fund keeps the money in the Norges Bank. By third quarter 2016, the government already withdrew a total of NOK 54....
Bad news for Bitcoin. Bitcoin has just taken another hit. Norway's director general of taxation, Hans Christian Holte, doesn't consider Bitcoin real money. Instead, the Norwegian government will consider Bitcoin as an asset subject to capital gains tax. Furthermore, there will be a high 25% sales tax for businesses making transactions in Bitcoin. According to Holte, "[Bitcoin] doesn't fall under the usual definition of money." Norway isn't the first country to reject Bitcoin as a legitimate currency. A lot of Asian countries have had similar policies towards the cryptocurrency. Earlier....
The payments application, Vipps extends its support to Bitcoins Norway cryptocurrency platform enabling users to purchase digital currency. The “Land of Midnight Sun”, Norway has stepped ahead of many countries when it comes to Bitcoin adoption. According to a user on Reddit and the Bitcoins Norway website, people in the country can now buy Bitcoin directly through Vipps Payment Application. Vipps is one of the widely-used payments application in the country. The platform operated by DNB ASA — Norway’s largest financial services group now allows people to pay for their Bitcoin purchase on....
A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners.
Norway Will Not Ban Bitcoin Mining
The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV....
Cash usage has declined in Norway since COVID-19, but physical currency also carries strengths that CBDCs may lack. Speaking at an event on Thursday, Ida Wolden Bache, deputy governor at Norway's central bank, described a decline in cash payments while elaborating on Central Bank Digital Currencies, or CBDCs. "Only 4% of payments are now made using cash," Bache said in her speech during Finance Norway's Payments conference. "This share is approximately the same as in spring, and considerably lower than before the pandemic," she added. "To our knowledge, the share of cash payments is lower....