Germany plans tax on bitcoin after virtual currency recognised as 'private money'
Trust the Germans to be the first to tax their citizens on it. They should be ashamed of how the ruin things there.
Bitcoin and the others won't last long
and unless they change there name to Bitdollar, and is pegged to the Dollar
in time the US dark forces will eliminate them
maybe we will see Facecoins or Applecoins but they wont last either
If there will be taxes introduced for the bitcoins transaction they will actually lose the unique character as a cryptocurrency. Looking at the situation with NSA, we can say that US government don't even need to force citizen declare the bitcoin operations. On the other hand it still can be used to avoid the bank fees, which sometimes is what matters.
With the Anonymity of Crypto, it will be hard got the gov to enforce tax laws here.
imagine the gov imposing tax on silk road purchases.....that's hilarious by all means
I wouldn't be so sure about anonymity. I'm almost sure that Germans have the analogue of NSA as well! Nobody is safe now. At least you live in woods without phone and Internet)
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The German Finance Ministry ruled that Bitcoin is a “unit of account”, and therefore 'mining' them is a form of “money creation”.
This means that, like stocks or shares, any profit from them is subject to Germany’s capital gains tax, at 25pc – unless they are held for more than a year, according to German newspaper Frankfurter Allgemeine Zeitung.
However, the ruling may prove difficult to enforce, as Bitcoin are traded anonymously, and therefore cannot be traced.
In June, America's Internal Revenue Service (IRS) said it was examining the use of virtual currencies such as bitcoins amid fears that Americans are using them to evade taxes.
In future, taxpayers could be forced to disclose to the IRS whether they are using PayPal accounts for the virtual transfer of money, according to Victor Lessoff, director of the IRS.
Last month, Thailand became the first country to ban bitcoins after the central bank ruled it is not a currency.
The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country.
Launched in 2009 in the wake of the global financial crisis, bitcoins are "mined" using complex computer source code. The virtual currency started as a relatively niche method of payment, devised by an anonymous programmer, but can now be used for anything from online gambling to pizza delivery.
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