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The People's Bank of China's (PBOC) announcement on the 5<sup>th</sup> of December had a snowball effect with more countries and banks publishing their stands on Bitcoin and digital currencies in general.
We summarized below the countries which have made official statements on their stand on Bitcoin.
USA:
The US authorities coined Bitcoin as the currency of choice for criminal activity, and after the Silk Road seizure in October 2013 it was believed Bitcoin would soon be prohibited in the US.
The US' opinion on digital currencies changed after US Congress held 2 hearings on Bitcoin. The first hearing resulted in Senator Tom Carpe calling it a "legitimate financial service". The second hearing was held to help government officials get a better understanding on digital currencies and how they are used.
Shortly after PBOC's initial announcement, Bank of America released a report calling Bitcoin a "major means of payment for Ecommerce."
China:
China was believed to have welcomed Bitcoin when local search giant Baidu began accepting Bitcoin in exchange for goods and services in October 2013. Their acceptance was cut short when PBOC announced that using Bitcoin as a currency would be deemed illegal, leaving it to be treated solely as a commodity. PBOC later strengthened their restrictions prohibiting payment service providers from providing payment solutions to local Bitcoin exchanges. It is currently legal to have and trade Bitcoin in China. However it is not possible to add funds to exchanges, or to use Bitcoin as a form of payment.
Singapore:
In September 2013 The Monetary Authority of Singapore (MAS), published concerns regarding the usage and trading of Bitcoin. The concerns were mainly security and financial issue that may arise. Just recently, MAS informed Singapore-based Bitcoin trading platform Coin Republic they are currently not intending to get involved with businesses who accept Bitcoin.
"Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene."There is currently no regulation taxation or restrictions on trading, buying, and selling Bitcoin in Singapore.
Korea:
Korean financial authorities released earlier on December 10th their stand on virtual currencies. The authorities stated Bitcoin does not have "intrinsic value" and lacks stability.
Currently Bitcoin is not illegal in Korea. However officials have pledged to monitor the state of Bitcoin, and will track any illegal uses of it, such as money laundering and purchasing of illegal substances.
Denmark:
The Financial Supervisory Authority of Denmark released on the 17th of December a statement regarding the risks surrounding Bitcoin. The main concerns were related to security and safety issues, mentioning the unstable fluctuations, and the chance of losing Bitcoins to cybercriminals.
While stating their concerns, no mention of illegality was declared, making trading legal and no regulations to be imposed on Bitcoin usage.
Norway:
Norwegian Director of General Taxation Hans Christian Holte, declared on December 16th that Bitcoin will not be recognized as a legitimate currency, and will be subject to Norwegian taxation.
"[Bitcoin] doesn't fall under the usual definition of money or currency." Hans Christian Holte.Holte is rumored to be working with financial sectors from other countries on legitimizing the usage Bitcoin.
Switzerland:
The Swiss parliament is currently voting on a postulate regarding the recognition of Bitcoin as a legitimate currency.There is no word yet on the Swiss parliament's decision.
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The People's Bank of China's (PBOC) announcement on the 5<sup>th</sup> of December had a snowball effect with more countries and banks publishing their stands on Bitcoin and digital currencies in general.
We summarized below the countries which have made official statements on their stand on Bitcoin.
USA:
The US authorities coined Bitcoin as the currency of choice for criminal activity, and after the Silk Road seizure in October 2013 it was believed Bitcoin would soon be prohibited in the US.
The US' opinion on digital currencies changed after US Congress held 2 hearings on Bitcoin. The first hearing resulted in Senator Tom Carpe calling it a "legitimate financial service". The second hearing was held to help government officials get a better understanding on digital currencies and how they are used.
Shortly after PBOC's initial announcement, Bank of America released a report calling Bitcoin a "major means of payment for Ecommerce."
China:
China was believed to have welcomed Bitcoin when local search giant Baidu began accepting Bitcoin in exchange for goods and services in October 2013. Their acceptance was cut short when PBOC announced that using Bitcoin as a currency would be deemed illegal, leaving it to be treated solely as a commodity. PBOC later strengthened their restrictions prohibiting payment service providers from providing payment solutions to local Bitcoin exchanges. It is currently legal to have and trade Bitcoin in China. However it is not possible to add funds to exchanges, or to use Bitcoin as a form of payment.
Singapore:
In September 2013 The Monetary Authority of Singapore (MAS), published concerns regarding the usage and trading of Bitcoin. The concerns were mainly security and financial issue that may arise. Just recently, MAS informed Singapore-based Bitcoin trading platform Coin Republic they are currently not intending to get involved with businesses who accept Bitcoin.
"Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene."There is currently no regulation taxation or restrictions on trading, buying, and selling Bitcoin in Singapore.
Korea:
Korean financial authorities released earlier on December 10th their stand on virtual currencies. The authorities stated Bitcoin does not have "intrinsic value" and lacks stability.
Currently Bitcoin is not illegal in Korea. However officials have pledged to monitor the state of Bitcoin, and will track any illegal uses of it, such as money laundering and purchasing of illegal substances.
Denmark:
The Financial Supervisory Authority of Denmark released on the 17th of December a statement regarding the risks surrounding Bitcoin. The main concerns were related to security and safety issues, mentioning the unstable fluctuations, and the chance of losing Bitcoins to cybercriminals.
While stating their concerns, no mention of illegality was declared, making trading legal and no regulations to be imposed on Bitcoin usage.
Norway:
Norwegian Director of General Taxation Hans Christian Holte, declared on December 16th that Bitcoin will not be recognized as a legitimate currency, and will be subject to Norwegian taxation.
"[Bitcoin] doesn't fall under the usual definition of money or currency." Hans Christian Holte.Holte is rumored to be working with financial sectors from other countries on legitimizing the usage Bitcoin.
Switzerland:
The Swiss parliament is currently voting on a postulate regarding the recognition of Bitcoin as a legitimate currency.There is no word yet on the Swiss parliament's decision.
bitcoin value
bitcoin miner
what is bitcoin
bitcoin wallet
bitcoin to usd
bitcoin wiki
bitcoin market
bitcoin forum
bitcoin difficulty
buy bitcoin
bitcoin central
bitcoin faucet
bitcoin pool
earn bitcoins
bitcoin mining pool
bitcoin.org
wiki bitcoin
bitcoin forums
bitcoin client
bitcoin watch
bitcoin buy,bitcoin otc
bitcoin trade
bitcoin scam
bitcoin rates
bitcoin gpu
bitcoin ubuntu
bitcoin.conf
bitcoin linux
bitcoin block explorer
trade bitcoins
buy a bitcoin
bitcoin sell
bitcoin blocks
bitcoin port
bitcoin cuda
bitcoin wallet #bitcoin rainbow chart #verlauf bitcoin kurs