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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."

1 of 245 comments (clear)

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

    Everything that's considered "tax fraud" in the rest of the world *was* considered a "business opportunity" *by certain Swiss banks*.

    FTFY

    As a Swiss citizen I'd like to point out that many (if not most) Swiss people don't agree with those business practices and are fed up with the bad reputation it has earned all of us. Much like not all Americans agree with US foreign policy (i.e. dropping bombs on innocent people)