Swiss Parliament: Bitcoin Should Be Treated as a Foreign Currency
While bitcoin has had the history of being seen as a voucher in the United Kingdom and a hobby in places like China, Switzerland is taking a much difference approach. Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency (that effectively puts the cryptocurrency in the same boat as the United States dollar or the Chinese yuan). This postulate is also the beginning of research into what kinds of opportunities bitcoin can hold for Swiss finance. According to this post on Bitcointalk, "The next formal step is for the Swiss....
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The Swiss Parliament is considering a postulate that asks for bitcoin to be treated as any other foreign currency. The goal of the postulate, introduced by representative Thomas Weibel, is to eliminate ambiguities and increase legal certainty related to bitcoin. If it is approved by parliament, it will be submitted before the Federal Council, Switzerland's principal executive institution. If the Federal Council agrees that bitcoin should be treated like other foreign currencies, it will also evaluate how to implement the postulate. In addition, the executive was asked to examine the....
In early December there was a mention of members in the Swiss Parliament wanting to treat bitcoin as a foreign currency. In that article, we wrote, "Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency." Now, the Swiss Parliament is gearing up to vote on proposals that treat the digital currency as such. According to Finextra, "If approved by Parliament, the questions will be posed to the Swiss executive arm of government, the Federal Council for judgment." Approval from high office could set an example to other governments,....
The Swiss parliament has made a lot of headway since lawmaker Jean Christophe Schwaab first asked to look into cryptocurrencies back in September. Just three months ago, Schwaab was on record as describing Bitcoin as something for “geeks, criminals and special police units.” Fast forward to this week: Schwaab himself was among 45 Swiss parliament members who signed a proposal, or postulate, that would treat Bitcoin as a foreign currency. This could be a big step forward in legitimizing Bitcoin in Switzerland and Europe. Ultimately, it would allow the Swiss banking sector substantial peace....
Bitcoin Association Switzerland reports that, according to the Swiss Federal Tax Administration, no VAT applies to bitcoin in Switzerland. The transfer of bitcoin doesn't constitute delivery of goods or services, and therefore it's not subject to VAT."This is the most reasonable way to classify bitcoins in the context of VAT, and we are fortunate that the tax administration agrees with our view," says Luzius Meisser, president of Bitcoin Association Switzerland. "Bitcoin is a currency, and thus should also be treated like a currency."In February 2014, a group of three Swiss Bitcoin....
After the Venezuelan parliament approved a law aimed at reducing inflationary pressure on the struggling fiat bolivar, certain crypto and foreign currency transactions would be taxed at up to 20%. Venezuela To Tax Crypto Transactions At 20% The Venezuelan government has authorized a new tax that will affect cryptocurrency and foreign currency transactions and payments. […]