Countries that Say Yes to Bitcoin – ALTCOIN MAGAZINE
The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency. Bitcoins are not issued, endorsed, or regulated by any central bank. Instead, they are created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, Bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees.
Bitcoin also allows users to remain anonymous. It can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons.
Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight.
Here are the countries which say Yes to Bitcoin:
1. The United States
The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin used for illegal transactions. Prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway, and Overstock.com (OSTK) welcome payment in Bitcoin.
The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence.
2. Canada
Like its southern neighbor, the United States, Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends on whether the individual has a buying-selling business or is only concerned with investing.
3. Australia
Australia considers Bitcoin a currency like any other and allows entities to trade, mine, or buy it.
Bitcoin Cash Accounted for 92% of Australia’s Crypto-Based Retail Sales, based on the latest study. The study of cryptocurrency retail sales in Australia for September 2019 notes that approximately $39,405 was spent across 625 separate transactions.
4. The European Union
Though the European Union (EU) has followed developments in cryptocurrency, it has not issued any official decision on legality, acceptance, or regulation. In the absence of central guidance, individual EU countries have developed their own Bitcoin stances.
In Finland, the Central Board of Taxes (CBT) has given Bitcoin a value-added tax-exempt status by classifying it as a financial service. Bitcoin is treated as a commodity in Finland and not as a currency. The Federal Public Service Finance of Belgium has also made Bitcoin exempt from value-added tax (VAT).
In Cyprus, Bitcoin is not controlled or regulated either. The Financial Conduct Authority (FCA) in the United Kingdom (U.K.) has a pro-Bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations in the U.K. The National Revenue Agency (NRA) of Bulgaria has also brought bitcoin under its existing taw laws.
Germany is open to Bitcoin; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises, or users.
Published at Thu, 02 Jan 2020 00:37:05 +0000
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