Breaking News: Norway Doesn't Consider Bitcoin a Legitimate Currency
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....
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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....
Here are some great news for you if you are concerned of the future to Bitcoin and other cryptocurrencies. Norway's Tax Administration has just announced that Bitcoin losses are tax deductible which means that if you do lose on your Bitcoin investments, you can get your money back by deducting your losses from the taxes you were supposed to pay. Here is an excerpt in Norwegian: Skattedirektoratet mener at det skal betales gevinstskatt på 28 prosent for bitcoins. Tilsvarende er tap fradragsberettiget. They have also said that they have began claiming tax on any Bitcoin profits. This is good....
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....
On May 10, 2022, the parliament of Norway voted against a proposed ban on Bitcoin mining in the country. This was good news for crypto miners, who were relieved at the decision. Red Party (communist party of Norway) initially recommended a plan to restrict the Bitcoin mining activities in Norway in March 2022. However, the […]
The finance minister of Norway believes that bitcoin may experience “breakthroughs.” He noted that “There is no doubt that there is great interest in cryptocurrency both in Norway and internationally.” Bitcoin May See Breakthroughs, Says Finance Minister of Norway The finance minister of Norway, Jan Tore Sanner, suggested in an interview last week that “cryptocurrencies will at some point move past the volatility for which they’re currently known and experience a period of ‘breakthroughs,'” Bloomberg reported. He was quoted as saying: It is....