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Businesses and individuals who buy, sell, store, manage, or mediate the purchase or sale of virtual currencies or provide similar services must comply with the anti-money laundering law. [14]: 33–34 Bitcoin is classified as an intangible asset (not as electronic money) for the purpose of accounting and taxes. [137] [138] Germany: Legal
This economy is independent of the price of the game, which users pay to Linden Lab, not to each other. Linden Lab reported that the Second Life economy generated US$3,596,674 in economic activity during the month of September 2005, [2] and in September 2006 Second Life was reported to have a GDP of US$64,000,000. [3]
Digital goods are software programs, music, videos or other electronic files that users download exclusively from the Internet. [1] Some digital goods are free, others are available for a fee. The taxation of digital goods and/or services, sometimes referred to as digital tax and/or a digital services tax, is gaining popularity across the globe.
The central bank of the Philippines, locally called the Bangko Sentral ng Pilipinas (BSP), is looking at the feasibility of issuing its own digital currency.The post Central bank of the ...
Virtual tax. Virtual tax is a proposed USA tax on internet gamers for items bought or traded solely within the virtual world (Internet game worlds). [1] [2] [3] The tax on a transaction would be considered as if it were a purchase or sale (if real currency is involved) or barter (if not). Virtual property, on the death of the owner, would be ...
Virtual currency. Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of ...
Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies. In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being obfuscated , blinding economists who would use such information to better steer ...
You’ll create a liability if the price you realize for your cryptocurrency – the value of the good or real currency you receive – is greater than your cost basis in the cryptocurrency.