Norway Taxation Official: Bitcoin Not The 'Usual Definition of Money'
An interview with a Norwegian tax official has brought to light an interesting statement on the digital currency we all know as bitcoin. Hans Christian Holte, director general of taxation in Norway, said in an interview that "Bitcoins don't fall under the usual definition of money or currency." "We've done some assessments on what's the right and sound way to handle this in the tax system." So if bitcoin isn't to be defined as a currency, what will it be defined as? The answer is an asset, making it subject to capital gains assessments by the tax authorities in the country. It's another....
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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....
Yet another government official has released a statement on bitcoin, and once again the news is mixed. This time, Bloomberg reported that Norway's director general of taxation said bitcoins "don't fall under the usual definition of money or currency". The comments, made in an interview with Christian Holte, have been marked by some as yet another failure to gain legitimacy in the eyes of the authorities. International statements. The comments echo a similar statement from the People's Bank of China, which was followed by New Zealand and Australia. Although all these statements have carried....
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....
For now, the proposal only seems to focus on companies dealing with Bitcoin and other cryptocurrencies. The country of Italy is currently dealing with a looming banking crisis. The majority of its loans are not performing and are borderline junk. Despite those concerns, the topic of Bitcoin and regulation has to be touched upon as well. Local taxation official recently drafted a proposal to tax Bitcoin transactions in a corporate environment. Similarly to most other countries in the world, Italy has no clear legal definition for Bitcoin. It is not an official currency, nor a commodity.....
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....