Bitcoin classified as a currency. No VAT for BTC also in Switzerland.

[jurij.timofejev]

''The United Kingdom, Germany, France, Belgium, Finland, and most recently, Spain have all classified digital currency transactions as exempt from VAT.''

“Treating Bitcoin payments just like any other payment option is a huge milestone for the Swiss Bitcoin economy, and enriches the global digital money ecosystem.”

Read more: http://bravenewcoin.com/news/switzerland-reportedly-eliminates-vat-for-bitcoin-transactions/

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[chennan]

I think bitcoin means to be currency! There is no points to be charged VAT from each transactions. As bitcoin adoption rate increases, govs, merchants and individual bitcoiners realize the facts.

[randy8777]

no vat makes it even more interesting than it already was. i think even more countries will follow this line. but as always, there will be countries attacking bitcoin by not allowing it.

[bryant.coleman]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

[Amph]

it's good that we have not a single government controlling the entire world, or otherwise bitcoin would be doomed, the fact that there is not a single entity that control everything, make the future of bitcoin sustainable, at least from some of them

i'm sure that who will not adapt will remain behind, switzerland knows it, someone would start to think about going in the best place where bitcoin is treated in the best possible way and with no stupid restrictions or no-sense taxes, like vat

[Anony]

''The United Kingdom, Germany, France, Belgium, Finland, and most recently, Spain have all classified digital currency transactions as exempt from VAT.''

“Treating Bitcoin payments just like any other payment option is a huge milestone for the Swiss Bitcoin economy, and enriches the global digital money ecosystem.”

Read more: http://bravenewcoin.com/news/switzerland-reportedly-eliminates-vat-for-bitcoin-transactions/

No wonder most of the mining rigs are being moved to Switzerland. This has to come now or later. Good that it happened earlier. Hope US would also start doing the same. Then that would be a real boost for the bitcoins.

[Marbit]

''The United Kingdom, Germany, France, Belgium, Finland, and most recently, Spain have all classified digital currency transactions as exempt from VAT.''

“Treating Bitcoin payments just like any other payment option is a huge milestone for the Swiss Bitcoin economy, and enriches the global digital money ecosystem.”

Read more: http://bravenewcoin.com/news/switzerland-reportedly-eliminates-vat-for-bitcoin-transactions/

Now that's great news, acceptance as currency without added taxes is exactly the kind of thing needed to boost this crypto currency. I'm really interested to see how it pans out, and if US were to recognize it as a currency, then that would be a game changer ( assuming it's recognized without addition of some taxes)

[Lauda]

Finally we're seeing some good news. I've always thought that Switzerland was one of the countries that is great, especially since discovering Protonmail.
We should be posting this news everywhere to make up for the media abusing negative news.

No wonder most of the mining rigs are being moved to Switzerland. This has to come now or later. Good that it happened earlier. Hope US would also start doing the same. Then that would be a real boost for the bitcoins.

Hashrate is being moved to Switzerland? Source?

[Don007]

No wonder most of the mining rigs are being moved to Switzerland. This has to come now or later. Good that it happened earlier. Hope US would also start doing the same. Then that would be a real boost for the bitcoins.

Hashrate is being moved to Switzerland? Source?

I'm interested in this information too. I think the living standard in Switzerland is quite high, thus quite expensive, and I'm afraid this also works out on electricity costs (as it already does on the rent to be paid etcetera). Which means that when you're not from Switzerland (and doesn't have an income / salary in that country), it's quite expensive to host your miners over there.

Although I'm not sure whether specific regulation apply for for example Industrial zones in Switzerland.

[Lauda]

I'm interested in this information too. I think the living standard in Switzerland is quite high, thus quite expensive, and I'm afraid this also works out on electricity costs (as it already does on the rent to be paid etcetera). Which means that when you're not from Switzerland (and doesn't have an income / salary in that country), it's quite expensive to host your miners over there.

Although I'm not sure whether specific regulation apply for for example Industrial zones in Switzerland.

I was just doing some research and I don't believe this to be true. According to the information that I've found:

For 2015 it can be assumed that the average price for private consumers will be around 21 cents/kWh

Source

I've also found this showing us that a lot of other countries have much cheaper electricity. Even though Switzerland is good for privacy, it definitely isn't for mining efficiency.  I don't think that we are going to see even part of the hashrate get moved there.

[Anony]

Finally we're seeing some good news. I've always thought that Switzerland was one of the countries that is great, especially since discovering Protonmail.
We should be posting this news everywhere to make up for the media abusing negative news.

No wonder most of the mining rigs are being moved to Switzerland. This has to come now or later. Good that it happened earlier. Hope US would also start doing the same. Then that would be a real boost for the bitcoins.

Hashrate is being moved to Switzerland? Source?

I have read in a article that the resources are pretty cheap in Switzerland for mining purpose. It was written that few companies have already started installation there. I assume many will follow.

[Lauda]

I have read in a article that the resources are pretty cheap in Switzerland for mining purpose. It was written that few companies have already started installation there. I assume many will follow.

How about you post a source. I'm not the only one who is interested, but without an actual source your words don't mean much in this case.
The electricity is quite expensive there; what resources are you talking about?

[ajareselde]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

"In a recent milestone the a financial marketplace for  digital currencies, Ecurex, came out of stealth mode and announced it has the first Swiss digital finance marketplace to be fully compliant with country’s anti-money laundering legislation"

This is definitely the future of bitcoin trading, fully within all laws of the country it operates within, and not some btc-e or such, where you don't even know who the owner is or where the company is located.
Bitcoin can not be banned, even if providers are to block common bitcoin ports, anyone could just use VPN to bypass it. What they can do is to ban trading within their country, but then again, you would just
use other exchanges and trade there. As you can see, fighting bitcoin is futile, and often just ends up giving bitcoin more exposure in the press.

Recently it was mentioned that even Russia is backing off from initial plan to ban bitcoin and instead allow bitcoin transactions (source:http://cointelegraph.com/news/114556/weekend-roundup-venezuelans-turn-to-bitcoin-russia-to-legalize-bitcoin-transactions?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_term=evg)
It seams that they are starting to figure out how fighting bitcoin is futile, and that it's better to profit from it instead.

cheers

[hifzi]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

if internet has to be ban it will make global catasthrope, hahaaa

[BillyBobZorton]

Any other way and it would be a straight scam. It makes zero sense to pay VAT with BTC. No one ever would get their BTC taxed. Imagine having to pay VAT for every transaction you ever did exchanges. As a daytrader it would be a death sentence.

[jayce]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

I think there are other ways by government to ban bitcoin than ban internet, like closed the shop online that accept bitcoin, state bitcoin is terrorist transaction stuff so the society won't accept bitcoin, and make a law about bitcoin so it can't be used freely. But, for now government don't have any reason to do that.

[Outlander]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

I think there are other ways by government to ban bitcoin than ban internet, like closed the shop online that accept bitcoin, state bitcoin is terrorist transaction stuff so the society won't accept bitcoin, and make a law about bitcoin so it can't be used freely. But, for now government don't have any reason to do that.

Even Russion gov banned bitcoin before and they now abolish their none sense policy! As the increasing number of ppl are adopting bitcoin, gov becomes more friendly to it. We know that bitcion industry has much potential and probably bring them many jobs!

[Q7]

And that is something considered good news. I don't why or how in any way they could impose vat since you don't register the transaction in the ledger. When you exempt vat, generally you are moving away from the conventional banking system that we are having right now and further distancing bitcoin into having its own payment niche. The plus point here is that it will be regarded as a currency.

[jayce]

There will be countries attacking bitcoin by not allowing it.

It doesn't matter. We need just one country, which allows Bitcoin. And Switzerland, as of now, seems to be the best candidate among the UN member nations. And remember that Bitcoin is a currency, which can't be banned by the governments. If the government wants to ban bitcoin, it has to ban the internet also. Is this possible?

I think there are other ways by government to ban bitcoin than ban internet, like closed the shop online that accept bitcoin, state bitcoin is terrorist transaction stuff so the society won't accept bitcoin, and make a law about bitcoin so it can't be used freely. But, for now government don't have any reason to do that.

Even Russion gov banned bitcoin before and they now abolish their none sense policy! As the increasing number of ppl are adopting bitcoin, gov becomes more friendly to it. We know that bitcion industry has much potential and probably bring them many jobs!

The government won't recognize bitcoin if they can't get profit or something profitable from that even its have potential in futures. The industry just add the payment system with bitcoin, so I'm not sure it can make many new jobs. Otherwise, I think bitcoin can reduce human job because of it's practice and easiness by online system.

[countryfree]

Frankly, this isn't a surprise. There's no VAT issue with BTC, the real issue is tax on capital, but then it would be tricky to enforce. Unless you're an early miner selling a large quantity of BTC, the average BTC to cash transaction will go unnoticed.