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Sweden: Supreme Administrative Court Rules Trade in Bitcoins Not Subject to VAT

(Feb. 4, 2016) On February 2, 2016, the Swedish Supreme Administrative Court issued a ruling that trade in Bitcoins is not subject to value-added tax (VAT). (Högsta förvaltningsdomstolens dom [Supreme Administrative Court’s Judgment] (SAC Judgment), Nr. 7101-13 (Feb. 2, 2016).) The judgment was based on a case in which the Swedish Tax Authority had appealed […]

Switzerland: Referendum on Sovereign Money Will Go to a Vote

(Jan. 20, 2016) On December 24, 2015, the Swiss Government announced that a proposed referendum on sovereign money had achieved the required 100,000 number of signatures to be put to a vote. In a sovereign money system, all physical and electronic money is created by the central bank and the commercial banks act only as […]

Eritrea: Law on Issuance of New Currency Notes Enacted

(Nov. 10, 2015) On November 4, 2015, the Bank of Eritrea, the country’s central bank, issued the Legal Tender Nakfa Currency Notes Regulations to provide for the replacement of the currency notes currently in circulation (the old Nakfa) and to impose limitations on the amount of money individuals may hold in cash. (Legal Notice No. 124/2015 Legal Tender Nakfa […]

Vietnam: Central Bank Currency Regulation Issued

(Nov. 3, 2015) On October 2, 2105, the State Bank of Vietnam issued Circular No. 15/2015/TT-NHNN, on foreign currency transactions at credit institutions. The goal of the Circular, which went into effect on October 5, is to limit speculation in and hoarding of U.S. dollars and other foreign currencies. (Central Bank to Tighten Management of […]

Indonesia: Central Bank Measures to Stabilize Currency

(Oct. 7, 2015) On September 30, 2015, Indonesia’s central bank, Bank Indonesia, announced new measures designed to stabilize the rupiah, the country’s currency. The Bank will issue certificates in foreign currency and also will intervene in the currency market, hoping to stem the fall of the rupiah, both in fact and in public perceptions about […]

Sweden: Tax Authority Publishes Guidelines for Income Tax on Bitcoin Mining, Suggests Prohibition of Bitcoin Use in Waste and Scrap Metal Transactions

(May 20, 2015) On April 24, 2015, just days before the May 4 tax filing deadline, Sweden’s Tax Authority published guidelines on how to declare income from Bitcoin mining. (Beskattning vid mining av bitcoin och andra virtuella valutor m.m. [Guidelines on the Taxation of Mining of Bitcoins and Other Virtual Currencies] (Apr. 24, 2015), Dnr […]

European Union; Lithuania: Euro Zone Membership on January 1, 2015

(Dec. 18, 2014) Lithuania, after a long and arduous process, has been found by the European Commission and the European Central Bank to meet the required criteria and will join the euro zone on January 1, 2015; as of that date it will also adopt the euro as its currency. With the addition of Lithuania, […]

Sweden: Enforcement Authority to Collect Bitcoins

(Oct. 23, 2014) On October 6, 2014, the Swedish Enforcement Authority staff announced, to Swedish media outlets, that it will start to investigate and seize Bitcoin holdings when collecting funds from indebted individuals. (Kronofogden ska leta Bitcoins hos skuldsatta [Swedish Enforcement Authority to Look for Bitcoins from Indebted Individuals], SVERIGES RADIO (Oct. 6, 2014).) The […]

Russia: Fines for Bitcoin Transactions Will Be Introduced

(Oct. 7, 2014) On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the act of engaging in Bitcoin transactions as a misdemeanor and impose fines for “transactions with a […]

Australia: Tax Office Releases Guidance Paper and Draft Rulings on Bitcoin

(Aug. 25, 2014) On August 20, 2014, the Australian Taxation Office (ATO) issued a guidance paper, a Goods and Services Tax (GST) Draft Ruling, and four draft taxation determinations on the taxation treatment of Bitcoin and other virtual currencies. The documents were released in time for taxpayers to take them into account in completing their […]