European Union to review tax on Bitcoin trading
The European Union is to step in to determine the Value Added Tax treatment on the trading of cryptocurrencies, such as Bitcoin. Sweden has prompted the investigation, fearing its own initial tax pronouncement is being undermined by the UK's revised position issued in March this year. European Court of Justice to clarify VAT liability. Sweden has asked the European Court of Justice to give its opinion on whether exchanging Bitcoin for traditional sovereign currencies is liable to VAT. At the heart of this question is whether Bitcoin is a currency (which is exempt from VAT) or a form of....
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The delay of Bitcoin transactions, on the other hand, is a more likely reason. Bitcoin adoption by merchants and store owners is booming as of late. Particularly in the European Union, things are improving year over year. Even though there is still a lot of work to be done, it appears Central Europe is doing quite well. At the same time, the lack of Bitcoin adoption in Scandinavia is rather disconcerting, and rather difficult to explain. Europe has always been a rather odd region when it comes to financial innovation. Every country has its own set of payment options, yet there is no....
The European Union is not in a hurry to implement Bitcoin regulations as they are not sure about the potential of bitcoin and its underlying technology. The European Union is not in a hurry to introduce Bitcoin regulations in its territory, decided the lawmakers earlier today. The news comes as a relief to many bitcoin users and businesses in the region. After a long discussion about the introduction of Bitcoin regulations in the European Union, the lawmakers have decided not to snuff-out innovation in the segment by premature legal interference. This move comes as a relief for the....