Sweden Likely to Regulate Bitcoin as an Asset
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....
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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....
It turns out that there is more to Sweden than fjords, Volvo and smorgasbord. By 2030, Sweden could become the first country in the world to become a truly cashless society. Today, 80% of all transactions in Sweden are done electronically, or by debit card. Also read "Sweden and Norway to Bitcoin VAT - Norway to Implement Bitcoin Tax". Bengt Nilervall at the Swedish Federation of Trade, or Svensk Handel says that Sweden and the rest of Scandinavia lead the world in terms of cashless trading. Swedes on average perform an average of 260 transactions each year using their debit and credit....
Sweden's central bank has begun to study the feasibility of moving the country to a digital currency.
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....
A study by the KTH Royal Institute of Technology in Stockholm shows that Sweden is on track to become the world’s first cashless country. Today, five of six major banks in Sweden are already refusing to operate with cash. As a result, and considering the latest Tax Authority guidelines, Bitcoin has the potential to become a commonly used currency in Sweden. People are becoming increasingly accustomed to using bank cards to pay even for the smallest purchases in Sweden with four out of five purchases made electronically. Now, with the increasing penetration of mobile and P2P payment....