View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Networks
December 16, 2013

Norway rejects Bitcoin as legal tender

Bitcoins do not fall under the usual definition of money or currency, ruled Norway director general of taxation.

By CBR Staff Writer

The Norwegian government has refused to recognise Bitcoin as a valid currency, saying fails to qualify under the standard definition of money.

The governing body said it would instead treat Bitcoin savings as taxable assets.

Norway’s ruling comes in wake of a recent move by Korea to reject Bitcoin as a legal currency, while China’s central bank also ruled that it would not recognise Bitcoin as legitimate currency and warned of risks linked with it, in addition to Germany’s plan to impose a tax on the virtual currency.

Norway director general of taxation Hans Christian Holte told Bloomberg:"We’ve done some assessments on what’s the right and sound way to handle this in the tax system."

Last month, Bitcoin’s value jumped by over 40% to a new high of $750 (£489) in the wake of a US Senate ruling that the digital currency could be a ‘legitimate financial service’.

However, the US Homeland Security and Governmental Affairs Committee is currently involved in evaluating the ‘promises and risks’ associated with the cryptocurrency.

Late last month the value of Bitcoin broke the $1,000 (£613) mark, almost quadrupling in three weeks and for the first time since its launch four years ago.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.