Thursday, December 19, 2013

Governments React to Bitcoin

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Bitcoin has been around for years now and has become increasingly popular as another form of currency.
More and more establishments around the world are adopting bitcoin and have put up their own infrastructures to support it. Bitcoin however is still in its toddler stage and is still quite unstable. Its limited quantity puts it value somewhere along precious metals and company shares in the stock market. In that regard, bitcoin is still a very risky venture and its value can increase or increase very sharply.


As this form of currency gets more secure and more popular, it’s steady and sometimes sharp increases in value makes it more and more appealing. Majority of bitcoin owners can be traced to the United States and the rest of bitcoin adopters are in Canada, Japan, China and many countries in Europe. Bitcoin however, is treated differently in the countries they’re traded in according to their own respective financial laws. As a sign of continued adoption, the US is currently in the process of making tax rules for bitcoin. In China, individuals are currently allowed to trade bitcoins but financial institutions are prohibited to prevent money laundering and in Norway, bitcoin is defined as an asset but not as money and becomes subject to sales tax. 

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