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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.
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.
Economics of bitcoin. Bitcoin was designed by its pseudonymous inventor, Satoshi Nakamoto, to work as a currency, but its status as a currency is disputed. [1] Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin does not currently meet all these criteria.
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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]
Three cases of a country using or pegging the currency of a neighbor. Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1] Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
List of currencies in Europe. There are 29 currencies currently used in the 50 countries of Europe. All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected ...