Bitcoin currency or commodity

We also have discussed the absolute value that cryptography offers.Just the same way no one is going to control or regulate the Internet.

Bitcoin – Currency or Commodity For Purposes of §550 And

Turkish Banking Regulation and Supervision Agency. 25 November 2013.

economics - Is a gold standard commodity-backed bitcoin

Last fall we saw bitcoin receive an unusual amount of attention.In simple terms, bitcoin — which dates only to 2009 — is part currency, part commodity.

Last week, the European Union took a progressive step towards clarifying how digital currencies will be recognized in the EU for purposes of taxation.Read our blog posts for a summary or commentary on current Asset Protection news and topics.Instead, the author argues that bitcoin is purely a technology and that.On 6 December 2013, Perng Fai-nan said that bitcoin is only used in certain communities.Because of these risks, the NBP and KNF warn against buying virtual currencies and investing in them.

What is Bitcoin Backed By? - 99bitcoins.com

The governmental regulatory and supervisory body Swedish Financial Supervisory Authority (Finansinspektionen) have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment.

If Bitcoin is considered as a currency, then I would have to look towards banks.It has already been proven multiple times, starting from bitcoin being considered as currency by FinCEN, money by SEC,.Considering the fiat currencies of the world are going hyperinflation beast mode.

The NBP and KNF recognize that the purchase, possession and sale of virtual currencies by entities supervised by the KNF (e.g. banks) would be burdened with high risk and would not ensure a stable and prudent management of the financial institution.Another bitcoin trading company has emerged as a legally registered entity in Thailand. despite doubts over the legality of the virtual currency.Bitcoin Legality - Map of Current Regulatory Landscape - coindesk.com.Japan Debates Bitcoin Sales Tax, Stricter Rules for Exchanges. would classify Bitcoin as a currency,. that Bitcoin is a currency, not a commodity,.That makes them more like gold — a commodity — than a currency.

By using this site, you agree to the Terms of Use and Privacy Policy.It can be used as payment for transactions at companies that accept it the.

Legality of bitcoin by country or territory The legal status of bitcoin varies. making bitcoin a currency as opposed to being a commodity.FBR ( Federal Board of Revenue ) is investigating the traders of digital currencies for tax evasion and money laundering.Why Bitcoin Is Not Regulated. regulatory measures need to focus on security, price stabilization, and a position for Bitcoin (currency versus commodity.On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage.Main page Contents Featured content Current events Random article Donate to Wikipedia Wikipedia store.Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law.Bitcoin has long been thought by many analysts and its supporters as the equivalent of a digital currency.

Bitcoin is a virtual currency that allows users to exchange online credits for goods.None of the exchanges presented or have claimed to receive any lawful paperwork.The future of Bitcoin has never looked so important to so many people, as countries in the grips of financial difficulties turn to Bitcoin, while those with an.

Government to regulate Bitcoin as a commodity

The Commodity Futures Trading Commission makes its mark. Bitcoin Is Officially a Commodity,.