Bitcoin gets Tax Exemption in Norway

If you are dealing with Bitcoin, then we have a positive news for you. In Norway, the government just decided that Bitcoin, the Internet only currency gets tax exemption in Norway. The government didnt agree with the European Union court and so made a u turn.

The turnaround happened after Finance Ministry of Norway, contacted and asked Tax Administration reconsider the tax, said fiscal spokesman Hans Andreas Limi in FRP to E24. (Source: E24)

Amazing Bitcoin numbers around 2nd of January
The Bitcoin currency managed to bypass $1000 in value at the begining of 2017. On Monday 2nd of January the value reached $1028. This digital currency seems to be growing slowly and from now the Norwegian made a u-turn and now actually gives tax exemption for this currency.

Investors in China and the West seem to have spent Bitcoins as protection against turmoil, currency depreciation and inflation. (Source: E24)

Info about Bitcoin, which is the Open Source Internet Currency

  • Bitcoin is a virtual internet currency, which does not exist as physical notes and coins, but only in digital databases.
  • Unlike conventional currencies such as EURO or Pounds, Bitcoins  is completely decentralized and is not regulated by any central bank or regulatory authority.
  • Money is “issued” by a open source made computer program, that  creates new Bitcoins. The program has an open source code that anyone can check.
  • By solving complex mathematical calculations (algorithms) that Nakamoto original program generates, are rewarded with newly issued coins. The more computing power you offer the system, the greater chance you have of finding gold in your “mining”.
  • Most users use however existing Bitcoins in circulation, rather than trying to “dig for gold” itself.

It will be interesting to see what will happend to Bitcoin. Will it help to make money for people or not? Is the world ready for an Internet only currency? China seems to be very interested in it and it seems to have something to do with Yuan movements. China plans to introduce rules though, but when they will be put into reality we dont know.