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Norway Rejects Bitcoin As Currency; Taxes As Asset, Instead

Posted by timothy on from the money-need-not-derive-from-the-state dept.

An anonymous reader writes "Norway is the latest country to consider the legal implications of cryptocurrencies like Bitcoin. Norway's director general of taxation has come out and said '[Bitcoin] doesn't fall under the usual definition of money,' which means that it will be considered as assets and charged under capital gains laws. This sentiment was echoed last week by the European banking authority as well, where citizens were warned of using the cyrptocurrency."

2 of 245 comments (clear)

  1. Re:How is Norway going to know? by Anonymous Coward · · Score: 5, Funny

    tax fraud is assumed to be low in Switzerland compared to its neighbor states

    Of course it is. Everything that's considered "tax fraud" in the rest of the world is considered a "business opportunity" in Switzerland.

  2. Re:How is Norway going to know? by oobayly · · Score: 5, Funny

    Mod comment:
    Interesting: For some that may not know about the Swiss banking system
    Overrated: For those that do know about the Swiss banking system
    Insightful: Well, it's true
    Funny: Made fun of the Swiss - always good
    Troll: Winding them up about their dodgy banking system