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1 March 2024
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Russia to buy Bitcoins worth of $10B? Fat chance of that

The whole cryptocurrency market has always been under the scrutiny of financial regulators and governments, with their main target being Bitcoin [BTC], the largest cryptocurrency by market cap. Several people around the world believe that the coin is mainly used by criminals, terrorists, tax evaders and money launderers.

This notion of Bitcoin has existed mainly since the news regarding Silk Road broke out around the world. During its glorious days, Bitcoin was the only currency accepted on the darknet marketplace. Customers of the platform could buy drugs, weapons, and even assassination contracts with the cryptocurrency.

The darknet marketplace was soon shut down by the FBI, resulting in the arrest of Ross Ulbricht [aka Dread Pirate Roberts], moderator of Silk Road, and the seize of 170000 Bitcoin, from both Silk Road accounts and Ulbricht’s accounts. Even today, some of the members in the community believe that Silk Road was one of the key catalysts for the rise of Bitcoin’s adoption around the globe, whereas others think otherwise.

Craig Wright aka Faketoshi, a Bitcoin Cash SV proponent, said in an interview with Tone Vays:“Adoption didn’t happen because of Silk Road […] Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”

Despite this notion, the coin is still hailed as the gateway that is going take away the power from the financial institutions and governments and return it to its rightful place, the ordinary people.

Now, the coin is back in the limelight as it has successfully managed to gain the attention of Demark’s regulatory body. Earlier today, the tax agency released an official statement on their website stating that they have been authorized by the Tax council to collect information pertaining to Bitcoin and other cryptocurrency traders from three Danish cryptocurrency exchanges, with the timeframe outlined to be from 2016 to 2018.

The three exchanges are required to provide information related to its customers’ cryptocurrency purchases and sales. Along with this, the exchanges are also required to hand out information such as their customers’ names, addresses, CPR numbers and, if required, even the CVR information.

The official announcement reads [Translated from Danish]:“The decision comes in the wake of the information that the Danish Tax Authority received this summer from the Finnish tax authorities regarding Danish citiizens’ trades on a Finnish bitcoin exchange.”

Karin Bergen, a Personal Tax Director said:With the permission of the Danish Tax Council, we will for the first time gain access to the trades made via the Danish stock exchange. This gives us completely new opportunities in relation to control in the area.”

In December 2018, news broke out that the Finland Tax Authorities provided information of almost 2,700 Danish traders trading in Bitcoin on a Finnish stock exchange platform. This Denmark tax agency stated that they would be using this information to verify whether these traders have paid their tax accordingly.

Source. ambcrypto


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