Commodity trading online 501c3
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal with the exceptions of: While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. According to the European Central Banktraditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors. The European Central Bank classifies bitcoin as a convertible decentralized virtual currency. In the European Parliament's proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by votes to 51, with 11 abstentions, has been sent to the European Commission for consideration. As of 17 JanuaryThe Central Bank of Nigeria CBN has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria. The South Africa Reserve Bank Position Paper on Virtual Currencies issued a position paper on 3 December The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April however, BitMaria Pan-African Blockchain platform got licensed, through its banking partner, AgriBankto operate in the country. Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an " intangible ". Treasury classified bitcoin as a convertible decentralized virtual currency in Per IRS, bitcoin is taxed as a property. In Septembera federal judge ruled that "Bitcoins are funds within the plain meaning of that term". News reports indicate that bitcoins are being used in the country. Under the National Constitution of Argentina, bitcoins may be considered money but not legal currency. Banco Central de Bolivia issued a resolution banning bitcoin in Not regulated, according to communication of Brazilian Central Bank There is no regulation on the use of bitcoins. The circular from 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated in Colombia. Ecuadorian government issued a ban on bitcoin and other digital currencies. Ecuador's new project would be controlled by the government and tied directly to the local currency—the dollar. Users will be able to pay for select services and send money between individuals. This will begin in mid-February In a Julystatement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state. The use of bitcoins is not regulated in Cyprus. As of 23 DecemberIsrael had not adopted any specific legislation regulating bitcoins. The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. Trading government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. In SeptemberBangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws". On 28 Decemberthe Deputy Governor of the Reserve Bank of IndiaK. Chakrabarty, made a statement commodity the Reserve Bank of India 501c3 no plans to regulate bitcoin. Currently there are no regulations in Pakistan. As per State Bank of Pakistan[32] bitcoin is unregulated until some bigger player wants to enter the market. While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same. On 5 DecemberPeople's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. On 16 December it was speculated that the PBOC had issued a new ban on third-party payment processors from doing business with bitcoin exchanges, [34] however a statement from BTC China suggests this isn't accurate, and rather payment processors had voluntarily withdrawn their services. On 1 April PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks. On 9 Februarymultiple bitcoin exchanges in China delay or pause bitcoin withdraw service, with or without announcement. Some of the announcements, [38] [39] [40] [41] if not all, claim that regulation activities have been or are to be taken. News resources [42] also show that, although such activities were carried out by PBOC, 501c3 were not done via legal approaches, but by "appointment" instead. None of the exchanges presented or have claimed to receive any lawful paperwork. On 8 Januarythe Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. However, our existing laws such as the Organised and Serious Crimes Ordinance provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering. On 16 NovemberNorman Chanthe chief executive of Hong Kong Monetary Authority HKMA said that bitcoins is only a virtual commodity. He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas. Japan officially recognizes bitcoin and digital currencies as money. On 7 Marchthe Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions. The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins. According to Nikkei Asian Reviewin February"Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies". The city of Hirosaki is officially accepting bitcoin donations with the goal of attracting international tourists and financing local projects. While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin [51] and have indicted at least one individual for purchasing drugs with bitcoin. There are no laws in South Korea regulating the use of bitcoin at present. South Korea On December 12,the president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future. Bitcoin ATMs are banned here [6]: Taiwan but bitcoins can be purchased at over convenience store kiosks. Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion". While bitcoin is not illegal in Taiwan, financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use it. On 6 DecemberPerng Fai-nan said that bitcoin is only used in certain communities. Besides, he also opined that the value of bitcoin is a bubble and is highly volatile. Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bank is closely watching the development of bitcoin and plan to impose regulations in the future. On 31 DecemberFinancial Supervisory Commission Republic of China FSC and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion. On 5 JanuaryFSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and commodity as payment. However, despite this, one of the four major convenience store chains in Taiwan make available bitcoin purchases through their kiosk systems, [60] and the largest chain now allows bitcoin to be used for purchases. Currently Bank Indonesia does not have detailed policies of regulating or banning bitcoins usage. On 4 NovemberBank Negara Malaysia BNM met with local bitcoin proponents to learn more about the currency but did not comment at the time. The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage. On 6 MarchBangko Sentral ng Pilipinas BSP issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines Bangko Sentral ng Pilipinas under Circular [67]. In Decemberthe Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene. On September 22,the Monetary Authority of Singapore MAS warned users of the risks associated with using bitcoin stating "If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse" [68] and in December stated "Whether or not businesses online bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene" [69] In Januarythe Inland Revenue Authority of Singapore 501c3 a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. Businesses that deal with bitcoin currency exchanges will be taxed based on their bitcoin sales. Bank of Thailand declared bitcoin illegal inbut some bitcoin companies have been able to obtain business licenses. Bank of Thailand suggested that bitcoin is not illegal but warned against its use in Inthe Thai monetary authority, the Bank of Thailand, "issued a preliminary ruling that using bitcoins as described was illegal. Trading in bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted. In Decemberthe government confirmed to develop legal framework for bitcoin in Vietnam that should be finished by December On 6 Decemberthe Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that the bitcoin is not illegal in Croatia. Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization On 19 Augustthe German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country. It is not classified as a foreign currency or commodity but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. The use of the bitcoin in Poland is not regulated by a legal act at present. As of Marchan official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". The National Bank of Slovakia NBSstated [80] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control. Such activities are not regulated and supervised by the National Bank of Slovakia or the European Central Bank. At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation 501c3 punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme virtual currency is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors' money are not protected. For any compensation of losses caused by such exchanges or purchases there is no legal entitlement. On December online, the Slovenian Ministry of Finance made an announcement [81] stating that bitcoin is neither a currency nor an asset. Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June InZug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies. On 17 DecemberDenmark's Financial Supervisory Online FSA has 501c3 a statement that echoes EBA 's warning. In addition, FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not currently prevent anyone from opening such businesses. In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1, euros of the currency in a month. The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use 501c3 an unregulated method for the exchange of goods, or even as a crime. According to a opinion from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with online currency are subject to restrictions in Iceland. On March 12 the Online Bank amended its rules. With the new Rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. Bank of Lithuania released a warning on 31 January that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin. Russia had previously banned the use of bitcoin, but as of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. The Swedish Tax Agency has given a preliminary ruling on Value Added Tax VAT on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen Financial Supervisory Authority regulations and treated as a currency. The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the Trading and the rest of the world. The governmental regulatory and supervisory body Swedish Financial Supervisory 501c3 Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment. Bitcoin is regulated by law that discusses payment systems and payment services. No specific legislation on bitcoins exists in Greece. Italy does not trading bitcoin use by private individuals. Malta currently does not have any regulations specifically pertaining to bitcoins. Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. Bitcoin is not regulated as it is not considered to be electronic money according to the law. The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time. The French Ministry of Finance trading regulations on July 11, pertaining to the operation of virtual currency professionals, exchanges, and taxation. The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins. The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies. Virtual currencies such as bitcoins currently do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such trading euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax. In Decemberthe governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. Redirected from Legal status of Bitcoin. For a broader coverage related to this topic, see Bitcoin. Argentina Australia Bangladesh Bosnia and Herzegovina Brazil Bulgaria Canada Colombia Chile China Croatia Cyprus Czech Republic. Denmark Ecuador Estonia Finland France Germany Greece Iceland India Indonesia Ireland Italy Israel Lebanon Japan Jordan Korea South. Lithuania Luxembourg Malaysia Malta New Zealand Netherlands Nicaragua Trading Pakistan Philippines Poland Portugal Romania Russia. Singapore Slovakia Slovenia Spain Sweden Switzerland Taiwan Thailand Turkey United Kingdom United States Vietnam. Legality of Bitcoin by U. The Law Library of Congress, Global Legal Research Center. Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Virtual Currency Schemes PDF. Retrieved 5 March Market, economics and regulation" PDF. European Parliamentary Research Service. Bitcoin regulation or plans therefor in selected countries. Retrieved 18 February Retrieved 8 July Prepaid Cards, Mobile Payments and Internet-based Payment Services" PDF. Guidance for a risk-based approach. Financial Action Task Force FATF. Retrieved 6 March South African Reserve Bank. Can You Take A Security Interest In Bitcoin? Sandra Appel A security Agreement for Bitcoin: Risk and 501c3 Journal. Retrieved 24 February Financial Crimes Enforcement Network. Retrieved 1 June Virtual Online Is Treated as Property for U. Federal Tax Purposes; General Rules for Property Transactions Apply". Retrieved 23 February Superintendencia Financiera de Colombia. Retrieved 20 October Online Central del Ecuador. Retrieved 22 October National Bank of the Kyrgyz Republic. Retrieved 17 June The Times of India. Retrieved 29 December The Hindu Business Line. Retrieved 16 December Retrieved 19 December Retrieved 8 November Archived from the original on Retrieved 18 January Bitcoin is not Currency in Japanese ". Retrieved 28 April commodity Retrieved 26 February Retrieved September 21, VR World Media Hong Kong Ltd. Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ". Retrieved 15 October Archived from the original on 28 February Pemakaian bitcoin melanggar Undang-undang! Bitcoin usage violates the law! Retrieved 2 March Retrieved 11 January Another bitcoin trading company has emerged as a legally registered entity in Thailand Retrieved 2 June Retrieved 19 March Bitcoin nie jest nielegalny". Retrieved 18 December Retrieved 28 January Retrieved 501c3 March Swiss Financial Market Supervisory Authority. Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases commodity Bitcoin". Archived from the original on December 17, Retrieved 24 December Retrieved 15 November The Central Bank of Iceland. Retrieved 8 January Deal Book New York Times. New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 20 December Retrieved 28 July Retrieved 25 April online Turkish Banking Regulation and Supervision Agency. Retrieved 6 June Commission de Surveillance du Secteur Financier. Retrieved 19 October The Australian Financial Review. Retrieved May 10, Gavin Andresen Andreas Antonopoulos Adam Back Wences Casares Hal Finney Satoshi Nakamoto Charlie Shrem Amir Taaki Ross Ulbricht Roger Ver Winklevoss twins Erik Voorhees Marc Andreessen Jeff Garzik Mark Karpeles Peter Todd Pieter Wuille Wladimir J. List of bitcoin companies List of bitcoin organizations. Bitcoin network Blockchain Colored coins Cryptocurrency Cryptocurrency tumbler ECDSA P2P POW SHA Bitcoin Classic Bitcoin Core Bitcoin Unlimited Bitcoin XT. ANX Bitfinex BTC-e BTC China Coinbase Coinfloor Coins. Retrieved from " https: Bitcoin Digital currencies Alternative currencies Financial cryptography Currency legislation Comparative law Cryptocurrencies. CS1 Polish-language sources pl CS1 Slovenian-language sources sl CS1 Danish-language sources da CS1 Estonian-language sources et CS1 Icelandic-language sources is CS1 Norwegian-language sources no Articles to be expanded from April All articles to be expanded Articles needing additional references from May All articles needing additional references. Navigation menu Personal tools Not logged in Talk Contributions Create account Log in. Views Read Edit View history. Navigation Main page Contents Featured content Current events Random article Donate to Wikipedia Wikipedia store. Interaction Help About Wikipedia Community portal Recent changes Contact page. Tools What links here Related changes Upload file Special pages Permanent link Page information Wikidata item Cite this page. This page was last edited on 1 Julyat Text is available under the Creative Commons Attribution-ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Developers Cookie statement Mobile view. This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. May Learn how and when to remove this template message. Legal As of 17 JanuaryThe Central Bank of Nigeria CBN has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria. Legal The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. Legal Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an " intangible ". Legal News reports indicate that bitcoins are being used in the country. Legal Under the National Constitution of Argentina, bitcoins may be considered money but not legal currency. Illegal Banco Central de Bolivia issued a resolution banning bitcoin in Legal Not regulated, according to communication of Brazilian Central Bank Legal Online is no regulation on the use of bitcoins. Legal The circular from 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated in Colombia. Illegal Ecuadorian government issued a ban on bitcoin and other digital currencies. Illegal In a Julystatement of the National Bank of the Kyrgyz Republic made trading that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state. Legal The use of bitcoins is not regulated in Cyprus. Legal As of 23 DecemberIsrael had not adopted any specific legislation regulating bitcoins. Legal The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. Legal The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Illegal In SeptemberBangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money commodity laws". Legal On 28 Decemberthe Deputy Governor of the Reserve Bank of IndiaK. Legal Currently there are no regulations in Pakistan. Legal While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same. China On 5 DecemberPeople's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. Legal On 8 Januarythe Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. Hong Kong On 16 NovemberNorman Chanthe chief executive of Hong Kong Monetary Authority HKMA said that bitcoins is only a virtual commodity. Legal Japan officially recognizes bitcoin and digital currencies as money. Legal While not illegal in the country, Korean trading will prosecute illegal activity involving bitcoin [51] and have indicted at least one individual for purchasing drugs with bitcoin. Legal Bitcoin ATMs are banned here [6]: Taiwan On 6 DecemberPerng Fai-nan said that bitcoin is only used in certain trading. Legal Currently Bank Indonesia does not have detailed policies of regulating or banning bitcoins usage. Malaysia On 4 NovemberBank Negara Malaysia BNM commodity with local bitcoin proponents to learn more about the currency but did not comment at the time. Legal Commodity 6 MarchBangko Sentral ng Pilipinas BSP issued a statement on risks associated with bitcoin trading and usage. Legal In Decemberthe Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene. Singapore On September 22,the Monetary Authority of Singapore MAS warned users of the risks associated with using bitcoin stating "If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse" [68] and in December stated "Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene" [69] In Januarythe Inland Revenue Authority of Singapore issued a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. Legal Bank of Thailand declared bitcoin illegal inbut some bitcoin companies have been able to obtain business licenses. Legal Trading in bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted. Legal On 6 Decemberthe Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that the bitcoin is not illegal in Croatia. Legal Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization Legal On 19 Augustthe German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country. Legal The use of the bitcoin in Poland is not regulated by a legal act at present. Legal As of Marchan official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". Legal The National Bank of Slovakia NBSstated [80] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control. Legal On December 23, the Slovenian Ministry of Finance made an announcement [81] stating that bitcoin is neither a currency nor an asset. Legal Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. Denmark On 17 DecemberDenmark's Financial Supervisory Authority FSA has issued a statement that echoes EBA 's warning. Legal In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. Estonia The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Legal The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. Legal According to a opinion from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. Legal Bank of Lithuania released a warning on 31 January that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. Legal The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset. Legal Russia had previously banned the use of bitcoin, but as of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. Legal The Swedish Tax Agency has given a preliminary ruling on Value Added Tax VAT on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen Financial Supervisory Authority regulations and treated as a currency. Sweden The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world. Legal No regulation on the use of bitcoins. Legal Bitcoin is regulated by law that discusses payment systems and payment services. Legal No specific legislation on bitcoins exists in Greece. Legal Italy does not regulate bitcoin use by private individuals. Legal Malta currently does not have any regulations specifically pertaining to bitcoins. Legal Bitcoin has no specific legal commodity in Portugal. Legal Transactions in bitcoins are subject to the same laws as barter transactions. Legal Bitcoin is not regulated as it is not considered to be electronic money according to the law. Legal The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time. Legal The French Ministry of Finance issued regulations on July 11, pertaining to the operation of virtual currency professionals, exchanges, and taxation. Legal The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins. Legal The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies. Legal Virtual currencies such as bitcoins currently do not fall within the scope of the Act on Financial Supervision of the Netherlands. United Kingdom Bitcoin is treated as 'private money'. Legal In Decemberthe governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. Legal The Reserve Bank of New Zealand states:
These neighborhood improvements for experimental families were sustained over time (Orr et al. 2003).
I think it is important for young people to be interested in politics as will affect them hugely at some point in their lives, therefore we should offer 16s and over the vote.