2013 has been a good year for the
world’s newest form of virtual currency, bitcoin. Continuous public exposure as
well as scandals has increased its popularity and its highly volatile nature
which often points to the positive has made it more and more appealing. Bitcoin
is being adopted by more and more individuals and commercial establishments
around the world. Both Europe and the United States are constantly researching
laws to fully recognize it as a currency subject to each country’s financial
and tax laws.
Germany for instance recognized
bitcoin as a form of currency as of August 2013. Switzerland is currently in
the process of integrating bitcoin into its financial sector. The United
Kingdom meanwhile is actually planning to take away the concept of ‘virtual
currency’ by minting physical coins and is seeking to become the center of
bitcoin transactions in Europe and Finland recently set up a bitcoin ATM in a
record store in Helsinki. While the European Banking Authority recently
approved bitcoin usage, it also gave out warnings to consumers regarding the
virtual currency’s use due to its volatility and security because financial
laws have not fully embraced it and it is very prone to fraud by unscrupulous
individuals or establishments.
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