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Library of Congress Looks at Bitcoin in 40 Countries

Posted By Bradley Jansen On February 5, 2014 @ 12:29 pm In Uncategorized | 1 Comment

The foreign law specialists and analysts at the Library of Congress have issues a new report on bitcoin, "Regulation of Bitcoin in Selected Jurisdictions."  Thanks to their blog In Custodia Legis [1] for pointing it out to me.

The report itself is available here:

http://www.loc.gov/law/help/bitcoin-survey/2014-010233%20Compiled%20Report_.pdf?loclr=bloglaw [2]

The 25 page report does not provide any overall analysis or conclusions beyond this introduction:

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.

Topics covered include whether
bitcoins are recognized as legal tender, the possibility of negative impacts on the national
currency, concerns about fraud, and how transactions using the Bitcoin system are viewed by
tax authorities.

Of those countries surveyed, only a very few, notably China and Brazil, have specific regulations
applicable to 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.

The report does provide a country-by-country survey of the legal landscape for bitcoin.


1 Comment (Open | Close)

1 Comment To "Library of Congress Looks at Bitcoin in 40 Countries"

#1 Comment By vikingvista On February 7, 2014 @ 1:36 am

"According to news reports, the Bank of Thailand ruled the bitcoin illegal on July 29, 2013.128
However, it appears that “it issued a preliminary ruling that using bitcoins . . . was illegal
because of a lack of existing laws” in the case of a currency-exchange license application by
Bitcoin Co. Ltd. Other businesses that have licenses have continued operating bitcoin exchanges
in Thailand."

A rather important nuance that isn't captured in the Drudge headline "Thailand Bans Bitcoin".

So central banks around the world are warning their captive customers of the dangers of Bitcoin. Shocking. Kind of reminds me of Thomas Edison warning the world of the dangers of alternating current.


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URL to article: http://www.freebanking.org/2014/02/05/library-of-congress-looks-at-bitcoin-in-40-countries/

URLs in this post:

[1] In Custodia Legis: http://blogs.loc.gov/law/2014/02/our-new-report-looks-at-bitcoin-in-40-countries/

[2] http://www.loc.gov/law/help/bitcoin-survey/2014-010233%20Compiled%20Report_.pdf?loclr=bloglaw: http://www.loc.gov/law/help/bitcoin-survey/2014-010233%20Compiled%20Report_.pdf?loclr=bloglaw

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