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Bitcoin Rejected by Norway As Well

Dec 16 2013, 10:47am CST | by , in News | Technology News

Bitcoin Rejected by Norway As Well
Photo Credit: Getty Images

The virtual and digital currency known as Bitcoin was recently rejected by Norway as well. Norway happens to be the wealthiest country among the Scandinavian nations. It is among a long list of other nations such as China and Germany which have shown apprehension regarding the cyberspace currency.

China recently banned all dealing in Bitcoins on Chinese soil. A new addition to the roster of scoffers is Norway. The government of Norway has declared that Bitcoin is not a natural form of legal tender. It is said to spurn all forms of categorization as monetary means. And the fact that anything is possible in cyberspace makes it a high risk venture that has raised alarm bells among the economies of the global village. 

The Norwegian Director General of Taxation especially had harsh words to say about Bitcoin. “Bitcoins don’t fall under the usual definition of money or currency,” Hans Christian Holte, director general of taxation in Norway, said in an interview. “We’ve done some assessments on what’s the right and sound way to handle this in the tax system.” There was something that was just not right about the imaginary currency that ruled the roost on the Netscape.

The changes that Norway will make in its attitude towards Bitcoin may leave several individuals who had invested in it high and dry. One of these is Kristoffer Koch whose shares are worth $886,000. However, he may find loopholes in the law which will allow him to keep his hard-earned money. 

Germany, France and even the United States have jumped on the bandwagon of blaming Bitcoin. It seems much of its reputation as a form of speculative quicksand is undeserved. But in today’s world hucksters are selling silence CDs which contain not a sound, and renting out land on the moon to gullible people. Therefore you have to be careful lest as a country your economy goes down due to a financial entity that is a figment of cyberspace. 

Source: Bloomberg

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