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. Of those countries surveyed, only a very few, notably China and Brazil, have specific regulations applicable to will bitcoin use. There is widespread concern about the Bitcoin system’s possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation. Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy.
Updates and additional countries have been added below. There are no official statements on the Alderney government’s website regarding its position towards the bitcoin, and it appears to be unregulated on the island. Bitcoins are not legal currency strictly speaking, since they are not issued by the government monetary authority and are not legal tender. He said that there was nothing to stop people holding or transacting in other currencies in Australia, including the bitcoin.
Draft Ruling, and four draft taxation determinations on the taxation treatment of Bitcoin and other virtual currencies. ATO’s view is that Bitcoin is neither money nor a foreign currency. According to the guidance paper and draft rulings, Bitcoin transactions will be treated “like barter transactions with similar taxation consequences. The Belgian Finance Minister, in response to a question by a Belgian senator, stated in July 2013 that while the Bitcoin system seems to be somewhat problematic as a potential tool for money laundering and other illegal activities, such problems should not be overstated. 12,865, which created the possibility for the normalization of mobile payment systems and the creation of electronic currencies, including the bitcoin.