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Sweden will not treat bitcoin as currency

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Staff writer ▼ | January 24, 2014
Sweden is set to confirm that it will reject bitcoin (BTC) as a legitimate currency. Sweden will instead subject the digital currency to taxes and treat it like any other asset, such as arts, stamps, and antiques.
bitcoin
bitcoinSweden is set to confirm that it will reject bitcoin (BTC) as a legitimate currency. Sweden will instead subject the digital currency to taxes and treat it like any other asset, such as arts, stamps, and antiques.


Essentially, Sweden will implement a capital gains tax on any transactions using the cryptocurrency.

"Currencies are traditionally tied to a central bank or a geographic area," said Olof Wallin, an official at the Swedish Tax Agency who’s drafting rules for bitcoin, in a statement to Bloomberg News. "...view Bitcoins as what we call another asset, just like art or antiques."

In addition, tax authorities and the central bank are looking how to treat those who mine bitcoins. It is being discussed as to whether or not cryptocurrency miners should be classified as businesses, which would then permit them to deduct the equipment they utilize.

For Swedish regulators, the primary difficulty will be able to track and monitor the bitcoin market because of its size and scope.


 

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