United Kingdom has changed their mind due to pure public pressure
Yesterday we published the news Will The UK Exclude Bitcoins From Taxation? and it is now clear that United Kingdom is going to completely change their rules on Bitcoin taxation. Richard Asquite from the TMF Group breaks the news and says that the new clarification will give people and businesses using Bitcoins a far more stable future. The action taken by Her Majesty's Revenue an Customs (HMRC) can push other countries, like USA, to create their own clear laws on how to regulate Bitcoin. UK's new classification of Bitcoin including other cryptocurrencies is set to be "private currency".....
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Her Majesty's Revenue and Customs (HMRC) in the United Kingdom has decided to reconsider their previous stance of considering bitcoin as vouchers. Previously, the department had made the decision to classify bitcoin as vouchers, thus making VAT (value-added tax) applicable in transactions in the United Kingdom. But after a visit from prominent members of the bitcoin community (which includes an entrepreneur, CEO, and lawyer, the HMRC quite simply changed their minds after hearing what they had to say (which was generally aimed at educating HMRC on bitcoin's usage). "The general feeling I....
In a research note intended for clients, investing giant AllianceBernstein says it changed its mind on bitcoin’s role in asset allocation.
With so many countries around the world keeping a close eye on the evolution of consumer payments, drastic changes are bound to happen sooner or later. Norway is looking to get rid of cash payments altogether while the United Kingdom is being urged to embrace the blockchain and digital currency. But what would to happen if various countries around the world suddenly decided to create their own digital currency? A few days ago, BBC mentioned how a report by the UK’s chief scientific advisor urges the government to get involved in the future development of blockchain technology. Not to aid....
A reading of two recent essays by former bitcoin skeptics who have changed their tunes.
Different states in the United States of America have different stances against Bitcoin and other digital currencies. While some states like Texas view Bitcoin favorably, there are others like New York which are hell-bent on making things tough for Bitcoin based startups and businesses. Meanwhile across the Atlantic Ocean in the United Kingdom, it is a completely different story. Unlike other countries, the United Kingdom is showing all signs of becoming the global hub for the Bitcoin industry. Starting from the way HM Treasury handled the initial proposals for introducing digital....