Bitcoin doesn't give a rip about your legal parameters
I read an article at The Atlantic about the IRS ruling on Bitcoin as property. This would mean Bitcoin would be taxed under capital gains, meaning that taxes would be placed on values at time of attaining and using/selling Bitcoin. The Atlantic argued that that made Bitcoin unfungible and therefore killed it as a currency, but that completely ignores the fact that Bitcoin exists outside of government control. Despite attempts to tax, regulate, ban or control, the State cannot change reality. This is what many people don't seem to understand: Bitcoin's not restricted by Government; the....
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Bad news for Bitcoin. Bitcoin has just taken another hit. Norway's director general of taxation, Hans Christian Holte, doesn't consider Bitcoin real money. Instead, the Norwegian government will consider Bitcoin as an asset subject to capital gains tax. Furthermore, there will be a high 25% sales tax for businesses making transactions in Bitcoin. According to Holte, "[Bitcoin] doesn't fall under the usual definition of money." Norway isn't the first country to reject Bitcoin as a legitimate currency. A lot of Asian countries have had similar policies towards the cryptocurrency. Earlier....
Rep. Soto and Rep. Schweikert call for recognizing blockchain signatures as legal instruments in their new bill.
There is a trend emerging in the bitcoin trading landscape. The trend is towards higher and higher leveraged products. If you do not have leverage or zero trade fees at your exchange, then you can expect to see tumbleweed go by every day. Give the users leverage or zero fees, otherwise expect exchange death. Stigma – Socialised Losses and high leverage. There is a chance of Socialized losses when trading at some futures platforms with high leverage. When there are a lot of liquidated positions, the system can be at a loss. To prevent the system from losing money everybody that made a....
The tiny Pacific nation of Tonga could have Bitcoin as legal tender by Q2 and Bitcoin mining by Q3 of 2023. Lord Fusitu’a, a former member of the Tongan parliament, has shared a timeline for the country’s plan to adopt Bitcoin (BTC). A Tongan nobleman, Fusitu’a had previously disclosed the four-step plan, a copy of the Salvadoran Bitcoin playbook.Step one is remittance, two is legal tender, three is Bitcoin mining, and four is moving national treasuries into Bitcoin, effectively upgrading the nation onto a Bitcoin standard. During a Twitter spaces conversation, Fusitu’a shed light on steps....
Since Bitcoin's legal status in not fully clear (even to U. S. regulators), it is very difficult for Bitcoin businesses to stay compliant with local laws. It is unclear whether governments consider Bitcoin to be a "currency" or a "commodity". Depending on how Bitcoin is classified, a business may or may need to seek a money transmitter license. Recent law enforcement action by a Florida prosecutor charging two sellers at LocalBitcoins.com with operating an "unlicensed money service business" might give us an idea as to the U. S. governments stance on this issue... But, things may be....