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The Norwegian Tax Administration stated in December 2013 that they do not define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. [190] The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin ...
According to Chainalysis, Europe's growth was largely driven by so-called "whales [23]", large institutional investors shifting enormous sums of cryptocurrency. [24] [a] According to Chainalysis, Europe has the world's largest crypto economy, collecting $1 trillion in the previous year, or 25% of all crypto activity worldwide.
A cryptocurrency, crypto-currency, or crypto[a] is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. [2] It has, from a financial point of view, grown to be its own asset class.
El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
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The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, and law enforcement. [105] Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes. [106] This is the main justification behind bitcoin bans. [10]
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Several countries use currencies which translate as "crown": the Czech koruna, the Norwegian krone, the Danish krone, the Icelandic króna, and the Swedish krona. [7] At present, the euro is legal tender in 20 out of 27 European Union member states, [8] in addition to 6 countries not part of the EU (Monaco, San Marino, Vatican City, Andorra ...