Worldwide Bitcoin Regulations Still Unclear, Law Library of Congress Survey Reports

There were many questions on how can the Bitcoin be taxed, having more and more countries coming up with different ways on how the cryptocurrency could be treated. While countries such as Germany do not consider Bitcoin a legal tender and cannot be considered as taxable income, Canada was pro-taxing Bitcoin incomes.

“At the moment, we’re studying Bitcoin and we have no plan to issue a regulation on it,” a spokesperson for the Bank of Indonesia told the Jakarta Globe in December.

Law Library of Congress has surveyed 40 jurisdictions and the European Union to see what laws have been implemented for the Bitcoin all around the world. They found that China has declared it illegal to use Bitcoin as a currency, while Brazil has successfully adopted and made regulations for it, having been adopted under Law No. 12,865. And while the U.S. is the place where most Bitcoin makers and users are, the New York State Department of Financial Services are said to be in talks to consider Bitcoin-specific regulations.

While we see most countries accepting or letting Bitcoin have its way for the moment ( and of course China that bans just about anything that looks democratic ), the U.S. might be preparing something to take a bite out of every profit made through Bitcoin, especially having more and more companies starting to accept cryptocurrency payments.

Thank you The Verge for providing us with this information