Bitcoin mining illegal in china

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. Finland [] Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes.

Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible. Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as 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 virtual currency are subject to restrictions in Iceland. On 12 March , the Central 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. As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. 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 EU and the rest of the world. The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment.

There is not a single word in Bulgarian laws about bitcoin. No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals. As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Paying in crypto is not legal in Macedonia and using digital money is discouraged by the National Bank of the Republic of Macedonia.

Bitcoin operation in our country will be sanctioned. Bitcoin is basically a speculative currency, which makes investment in it extremely risky. The responsible person in the legal entity or sole proprietor in the territory of The Republic of Macedonia shall carry out, in its own name and on its own account, as well as for another person legal or physical payment or payment into effective foreign currency contrary to the provisions of this Law, shall be sentenced to imprisonment of six months to five years.

In Macedonia so far only one company has announced that it is working with bitcoin, and there is also a failed initiative to start using it in restaurants and cafes.

Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. 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 issued regulations on 11 July 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.

As of [update] , virtual currencies such as bitcoin 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 as 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 December , the 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. For a broader coverage related to this topic, see Bitcoin.

This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. Accessed 25 September Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October 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 Guidance for a risk-based approach. Retrieved 6 March Retrieved 30 October South African Reserve Bank.

Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Banco Central de Costa Rica.

Trinidad and Tobago Guardian. Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador.

Retrieved 22 October International Finance Centre Development Agency. National Bank of the Kyrgyz Republic. Retrieved 13 February Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency. How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ".

Retrieved 28 April Retrieved 26 February Archived from the original on 21 September Retrieved 21 September 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 Retrieved 5 February Retrieved 2 March Retrieved 11 January Retrieved 7 May Retrieved 27 December Retrieved 29 October Retrieved 1 November Retrieved 25 August Retrieved 19 March Retrieved 14 December Retrieved 8 August Bitcoin nie jest nielegalny". Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 24 March Swiss Financial Market Supervisory Authority.

Retrieved 16 April Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases with Bitcoin". Retrieved 5 January Archived from the original on 17 December Retrieved 24 December Retrieved 15 March 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 2 April Retrieved 20 December Retrieved 16 September Retrieved 25 April Bozinovska, Vesna 9 October Retrieved 6 June Commission de Surveillance du Secteur Financier.

Retrieved 19 October The Australian Financial Review. Retrieved 10 May History Economics Legal status. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology. Lists of countries by laws and law enforcement rankings.

Legality of euthanasia Homicide by decade Law enforcement killings Legality of suicide Legality of assisted suicide. Censorship by country Book censorship by country Film censorship by country Internet censorship by country Cartographic censorship Political censorship Video gaming censorship by country.

Corporate Corporate liability Competition Mergers and acquisitions Monopoly Legality of bitcoin by country or territory. List of international rankings List of top international rankings by country Lists by country. Retrieved from " https: Bitcoin Digital currencies Alternative currencies Financial cryptography Currency legislation Comparative law Cryptocurrencies Law-related lists Lists by country. Uses authors parameter CS1 Icelandic-language sources is CS1 Norwegian-language sources no CS1 Russian-language sources ru Use dmy dates from January Articles to be expanded from April All articles to be expanded Articles containing potentially dated statements from All articles containing potentially dated statements Articles containing potentially dated statements from April Wikipedia articles needing clarification from February All articles with unsourced statements Articles with unsourced statements from January Articles prone to spam from October Views Read Edit View history.

This page was last edited on 11 May , at By using this site, you agree to the Terms of Use and Privacy Policy. Illegal As of [update] bitcoin was legal in Algeria, but per the Huffington Post , "Algeria is going to ban bitcoin in the new Finance law of article of the law " [13] According to the "Journal Officiel" 28 December Legal As of 17 January , The 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 Bitcoin is legal in Mexico as of Legal News reports indicate that bitcoins are being used in the country. Legal The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws.

Legal The Bank of Jamaica BoJ , the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies. Legal Bitcoins may be considered money, but not legal currency. Illegal The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Legal Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.

Legal There is no regulation on the use of bitcoins. Legal A 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated. Illegal The Ecuadorian government has issued a ban on bitcoin and other digital currencies. Legal Bitcoin is considered a commodity, [47] not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange.

Legal The use of bitcoins is not regulated in Cyprus. Legal As of , the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. Legal Bitcoin is not banned by any governmental party in Saudi Arabia. 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. Legal Bitcoin is not regulated as it is not considered to be electronic money according to the law. Legal Bitcoin is neither recognized nor regulated in Iran. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin. As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. The decision has been appealed by the Swedish Tax Authority.

There is not a single word in Bulgarian laws about bitcoin. No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals.

As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Paying in crypto is not legal in Macedonia and using digital money is discouraged by the National Bank of the Republic of Macedonia. Bitcoin operation in our country will be sanctioned.

Bitcoin is basically a speculative currency, which makes investment in it extremely risky. The responsible person in the legal entity or sole proprietor in the territory of The Republic of Macedonia shall carry out, in its own name and on its own account, as well as for another person legal or physical payment or payment into effective foreign currency contrary to the provisions of this Law, shall be sentenced to imprisonment of six months to five years.

In Macedonia so far only one company has announced that it is working with bitcoin, and there is also a failed initiative to start using it in restaurants and cafes. Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. 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 issued regulations on 11 July 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.

As of [update] , virtual currencies such as bitcoin 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 as 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.

The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. For a broader coverage related to this topic, see Bitcoin. This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. Accessed 25 September Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Retrieved 5 March Market, economics and regulation" PDF.

Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Banco Central de Costa Rica.

Trinidad and Tobago Guardian. Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador. Retrieved 22 October International Finance Centre Development Agency. National Bank of the Kyrgyz Republic. Retrieved 13 February Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency.

How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ". Retrieved 28 April Retrieved 26 February Archived from the original on 21 September Retrieved 21 September Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ".

New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 20 December Retrieved 16 September Retrieved 25 April Bozinovska, Vesna 9 October Retrieved 6 June Commission de Surveillance du Secteur Financier. Retrieved 19 October The Australian Financial Review. Retrieved 10 May History Economics Legal status.

List of bitcoin companies List of bitcoin organizations List of people in blockchain technology. Lists of countries by laws and law enforcement rankings. Legality of euthanasia Homicide by decade Law enforcement killings Legality of suicide Legality of assisted suicide. Censorship by country Book censorship by country Film censorship by country Internet censorship by country Cartographic censorship Political censorship Video gaming censorship by country. Corporate Corporate liability Competition Mergers and acquisitions Monopoly Legality of bitcoin by country or territory.

List of international rankings List of top international rankings by country Lists by country. Retrieved from " https: Bitcoin Digital currencies Alternative currencies Financial cryptography Currency legislation Comparative law Cryptocurrencies Law-related lists Lists by country.

Uses authors parameter CS1 Icelandic-language sources is CS1 Norwegian-language sources no CS1 Russian-language sources ru Use dmy dates from January Articles to be expanded from April All articles to be expanded Articles containing potentially dated statements from All articles containing potentially dated statements Articles containing potentially dated statements from April Wikipedia articles needing clarification from February All articles with unsourced statements Articles with unsourced statements from January Articles prone to spam from October Views Read Edit View history.

This page was last edited on 1 May , at By using this site, you agree to the Terms of Use and Privacy Policy. Illegal As of [update] bitcoin was legal in Algeria, but per the Huffington Post , "Algeria is going to ban bitcoin in the new Finance law of article of the law " [13] According to the "Journal Officiel" 28 December Legal As of 17 January , The 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 In September the Bank of Namibia issued a position paper on Virtual Currencies entitled [23] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. Legal The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. Legal Bitcoin is legal in Mexico as of Legal News reports indicate that bitcoins are being used in the country. Legal The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws.

Legal The Bank of Jamaica BoJ , the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies.

Legal Bitcoins may be considered money, but not legal currency. Illegal The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Legal Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.

Legal As of , the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. Legal Bitcoin is not banned by any governmental party in Saudi Arabia. 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.

Legal Bitcoin is not regulated as it is not considered to be electronic money according to the law. Legal Bitcoin is neither recognized nor regulated in Iran. Illegal In September , Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws". Legal While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.

China On 5 December , People's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. Legal On 8 January , the 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.

Legal While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin [88] and have indicted at least one individual for purchasing drugs with bitcoin. Legal Bitcoin ATMs are banned here [7]: Taiwan On 6 December , Perng Fai-nan said that bitcoin is only used in certain communities.

Legal There are no regulations related to the use of bitcoin and other cryptocurrencies in Cambodia. Malaysia On 4 October , BNM announced that The decision on whether cryptocurrencies should be banned in Malaysia will be taken by them before the end of the year. Legal In December , the 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 22 September , 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" [] 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" [] In January , the 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.

Regulatory approach on Initial Coin Offering ICO [] As of February the Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities []. Legal Bitcoin is legal. Legal On 6 December , the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that 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 August , the 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, meaning that purchases made with it must pay VAT as with Euro transactions.