US government releases report on Bitcoin's legal status in EU and 40 other countries

By Himanshu Arora ยท 6 replies
Feb 4, 2014
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  1. Are you under the impression that Bitcoins are legal all around the world? Well, think again. According to a report (PDF) from the Law Library of Congress, which surveyed the European Union and 40 other countries, most of the governments...

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  2. Adhmuz

    Adhmuz TechSpot Paladin Posts: 1,829   +634

    This should come as a surprise to no one, it was only a matter of time before the governments of the world realize that this volatile currency is just plain bad news and in turn put regulation to control it. One thing I've been noticing about the people I've spoken to about mining this currency, they usually do not pay their electricity bill, IE it's mom and dad footing the bill or they live in apartment buildings where electricity isn't strictly monitored and is included in their rent.
    cliffordcooley likes this.
  3. A.K.A. Tax
  4. wastedkill

    wastedkill TS Evangelist Posts: 1,423   +350

    According to the US government you can License something you dont own hmm...
  5. smash1986hu

    smash1986hu TS Rookie

    Interesting. The US says BitCoins are mostly used in illegal activities, and on the other hand they want to tax it. You can't have it both ways.
    Btw it's not a coincidence, that ever since money was invented, goverments regulate it. They have to, otherwise it would be chaos. So there is no future in irregulated virtual currency, because sooner or later it will be regulated. Most contries are not in a hurry, because it's not that widespread yet. But as soon as it will be, they will ragulate and tax it, or ban it depending on their own economic needs.
    Adhmuz likes this.
  6. Opolis

    Opolis TS Rookie

    The US dollar is used for crime just like Bitcoin can be. There is a large, legitimate market that deals in BTC and other cryptocurrency. The government has no control over Bitcoin except through the regulation of businesses that accept it, unlike the USD which is controlled by their "friends" the Fed. That's the whole point, it's decentralized. As for the electricity bill, is that the fault of Bitcoin or the user? The person who foots the bill should be aware of usage statistics and manage it accordingly. The only way this article comes as no surprise is in hearing the government is trying to find out the best way to get their hands in the honey pot. If you want to worry at "useless" things that are traded and can hurt people and economies based on applied value, worry about the stock market.
  7. mailpup

    mailpup TS Special Forces Posts: 7,188   +470

    Oh yes you can. Ever heard of Al Capone?

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