• The United States’ new Bitcoin tax rules just made casual, everyday use a complicated bookkeeping headache. The Internal Revenue Service’s notice last week will force the average Bitcoin user to keep a strict record of every purchase made all year long — then perform difficult calculations to account for the changing value of a bitcoin. It’s meant to extract taxes from any gains in Bitcoin’s value, and the rule applies to everything bought with electronic

    New IRS rules make using Bitcoins a fiasco

    | 2014/03/31 2:57 pm
  • Singapore-registered companies who buy and sell bitcoins or exchange the digital currency for other goods and services must pay taxes for these transactions, says the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority. The government’s stance towards the volatile cryptocurrency, which once again soared above $1,000 in price, echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable. In a series of emails sent to Singapore-based Bitcoin brokering service

    Singapore government to tax some bitcoin transactions

    | 2014/01/08 5:10 pm
  • Kolkata, Jan 5: The attention of the Commerce Ministry and Tea Board has been drawn to a section of small and specialised tea growers and exporters opting for US-based online trading platforms to use digital currency Bitcoin as a means of expanding their international business, bypassing the normal banking channels and thus depriving the Exchequer of revenue. The price this kind of shipment fetches is fantastic, around $11 per 15 gm of tea. Any consignment

    Bitcoins use by tea trade brought to notice of Ministry

    | 2014/01/07 2:06 pm
  • Bitcoins were worth nothing in 2009, when the digital cryptocurrency was first minted on the computer of its mysterious creator, Satoshi Nakamoto, who claimed to live in Japan. Four years later the value of one Bitcoin surpassed $1,100, thanks in large part to a surge in speculative interest from China. A little-known Shanghai company called BTC China met the demand and quickly became the world’s largest Bitcoin exchange, with more than 100,000 of the virtual

    China Bites Into Bitcoin

    | 2014/01/06 2:54 pm