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On December 13,the European Banking Authority EBAthe regulatory agency of the EU responsible for advising EU institutions on banking, e-money regulation, and payments, issued a warning on the dangers associated with transactions, such as buying, holding, or trading virtual currencies. In MayPolish Tax Administration issued a statement to the effect that the value-added tax on goods and services will be imposed nation-wide on profits received from sales of Bitcoin. On December 3,the central bank of China and four other central government ministries and commissions jointly issued the Notice on Precautions Against the Risks of Bitcoins. Who knows at this point?

However, journalists have reportedly obtained documents indicating that Alderney is trying to take the lead and become the central hub for the bitcoin, by minting and issuing physical bitcoins and creating an international center with a bitcoin storage vault service that complies with anti-money laundering rules. The Authority has not issued a determination of the applicability of the Income Tax Act with respect to the potential capital gains from bitcoins. According to the guidance paper and draft rulings, Bitcoin transactions will be treated "like barter transactions with similar taxation consequences.

The Danish Central Bank went on to point out that Bitcoins are not protected by any national laws or guarantees, such as a deposit guarantee. Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy. On December 21,the Russian website Coinspot.

Spain was the second country in the world to seize bitcoins during an investigation of fraudulent transactions conducted with bitcoins, according to a November report by El Mundo. L 7, http: This report surveys forty foreign jurisdictions and the European Union, reporting on any regulations or statements from central banks or government offices on the handling of bitcoins as well as any significant use of bitcoins in business transactions.

A European Directive of regulates the use of electronic currencies including the bitcoin with the aim of harmonizing payment methods, increasing competition, and facilitating market access. The Authority has not issued a determination of the applicability of the Income Tax Act with respect to the potential capital gains from bitcoins. The press release reports that Bitcoin is understood as a payment model of bidirectional virtual currency, in which the virtual currency competes with legal tender e.

In Octoberthe European Central Bank issued a report on virtual currency schemes that discusses the Bitcoin system and briefly analyzes its legal status under existing EU legislation. There is still a lot for the world to learn on this issue. It appears that Nicaragua has not yet promulgated any legislation regulating bitcoins, nor has the Central Bank of Nicaragua issued any rulings or guidelines on the subject.

If financial institutions use bitcoins, according to the warning, the Central Bank and the FSC may, in accordance with laws and regulations, take necessary regulatory actions at the appropriate time. The Authority has not issued a determination of the applicability of the Income Tax Act with respect to the potential capital gains from bitcoins. No formal regulations on the bitcoin exist in Turkey. It also warned about the risks of using the Bitcoin system for money laundering.

On December 23,the Ministry of Finance of the Republic of Slovenia japanese internet company offers salaries in bitcoin to its employeesdaily cryptocurrency news a formal opinion about the status of the bitcoin and other virtual currencies in response to a request from the Tax Administration of the Republic of Slovenia. On December 3,the central bank of China and four other central government ministries and commissions jointly issued the Notice on Precautions Against the Risks of Bitcoins. The Danish Central Bank went on to point out that Bitcoins are not protected by any national laws or guarantees, such as a deposit guarantee. On May 14,a district court in a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties, ruled that Bitcoin, like gold, is a medium of exchange that is an acceptable form of payment in the country but that cannot be defined as legal tender, common money, or electronic money.

On February 6,Bank Indonesia issued a statement on bitcoin and other virtual currencies. The use of the bitcoin in Poland is not regulated by a legal act at present. Unless specific conditions are met the digital currency mined is considered income from hobby, and generally tax exempt.

Instead, they are units of value that have the function of private means of payment within private trading exchanges, or they are substitute currencies that are used as a means of payment in multilateral trading transactions on the basis of legal agreements of private law. At that [sic] profits derived from trading and mining Bitcoin are taxed as income under the provisions of Slovenian personal income legislation. The amendment will be effective by early June in Malta currently does not have any regulations specifically pertaining to bitcoins, nor does there appear to be any official government statement on the recognition or policy towards the bitcoin.