Italy Imposes 20% Tax On All Wire Transfers, Bitcoin Unaffected
An Italian news site reports the shocking decision by the government of Italy to impose a 20% withholding tax on all inbound wire transfers to Italian citizens. All international payment systems linked to a bank account, such as PayPal, Western Union and, of course, bank wires will be affected. This brutal tax, combined with already steep fees on legacy money transmission methods, could claim up to a third of the value of international transfers. Citizens may contact the relevant bureaucracy to plead for the return of their money, provided they can prove it to be outside the category of....
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Responding to pressure, Italy has announced it will delay the law's implementation until July, 2014. It was previously enacted retroactively. When Italy announced last week that it would implement a 20% withholding tax on all inbound wire transfers to domestic personal bank accounts, some members of the global bitcoin community suggested the country could embrace bitcoin as a means to avoid payment. However, despite the optimism that bitcoin would not be affected by the move, which was aimed at cutting down on money laundering and tax evasion, representatives of Italy's bitcoin community....
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Bank of America (BoA) has filed a patent application titled "System and Method for Wire Transfers Using Cryptocurrency ." The application was filed in March and published on September 17 by the U. S. Patents and Trademarks Office. The BoA filing describes an alternative to traditional wire transfers. The funds are first transferred to a cryptocurrency exchange, then converted to a cryptocurrency such as bitcoin, then sent to another exchange, and finally converted into another currency for the recipient. In other words, BoA wants to patent the concept of using a cryptocurrency as a....