Sweden Rejects Bitcoin as a Currency, May Classify as an Asset Instead
The Swedish Tax Agency is reportedly set to reject bitcoin as a currency, treating it tax-wise as an asset, like a rare artwork, or other valuable like an antique. "Currencies are traditionally tied to a central bank or a geographic area," said Olof Wallin, an official at the country's tax agency. Such a classification would allow the Swedish tax man to charge capital gains taxes on transactions made using the digital currency, which could certainly come as not-so-good news to enthusiasts. Tax authorities are also looking into how bitcoin miners will be classified. A possibility is that....
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Bitcoin is king in 2017, but Sweden’s unpopular plan to create its pioneering digital currency ‘eKrona’ shows public understanding still has a long way to go. Two-Thirds Know Bitcoin, 10% Want eKrona. Central Bank plans in November last year to launch the so-called eKrona in the country would have made Sweden the world’s first country to launch a national digital currency. When the public was asked about it, however, their response was far from enthusiastic. An official survey in December by research firm Sifo found less than 10% of people supported having eKrona available in addition to....
Sweden's central bank has begun to study the feasibility of moving the country to a digital currency.
An official from the Swedish Tax Agency has revealed it is drafting rules for bitcoin users and programmers that would treat bitcoins as assets. In an interview with Bloomberg released 22nd January, Swedish tax official Olof Wallin spoke about the proposal, stating why he believes bitcoin fails to meet Sweden's definition of a currency: "Currencies are traditionally tied to a central bank or geographic area," Wallin stated. Because of this distinction, Wallin said Sweden is likely to regulate bitcoin "like art or antiques". Under the proposal, bitcoin would fall under the same asset class....
Sweden could soon be a big advocate of bitcoin. Sweden: The Potential Bitcoin Economy. In what could easily be the biggest “opening” for digital currency, Sweden is looking to swear off fiat money for good. That means no more paper money, no more coins, virtual means from here on out. This is exactly what Bitcoin and its creators have wanted all along for every country. Bitcoin can aid nations, particularly unbanked ones, and put financial power back in the hands of the people, and now it looks as if Sweden is taking the hint and doing everything bitcoin has wanted for the world. What’s....
Many nations have made news with how they are choosing to accept, or not accept, bitcoin into their national economies. Some have chosen to ban outright the currency while others see it as an opportunity for domestic economic growth & as a tax revenue stream for the nation-state. Sweden has recently instituted new regulations that at least show it is not going to be banned anytime soon. Or will it? Sweden Creates Bitcoin Mining Tax Regulations. In the country of Sweden, how they tax your income can be done in three different ways, depending upon its category of origin. You can be taxed on....