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Author Topic: [ANNOUNCEMENT] Service Interruption for BuyBTC.CZ  (Read 780 times)
crazy_rabbit
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March 20, 2013, 09:36:04 PM
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*** SERVICE INTERRUPTION ***

To all our users, there will be a service interruption starting from today. Following a change at the Ministry of Finance, we are working to clarify the situation of Bitcoin in the Czech Republic, esp. regarding application of VAT tax, and if it is necessary to have a special license for our business activity.

In the meantime however, this means we will have to interrupt our services as we wait for further information. We expect to have a clarification from the Ministry of Finance the first week of April. Orders already in process are unaffected, but we will not be accepting any further orders at the moment. We will keep  our users updated with the latest information.

We will inform all our regular users by email of the Service Interruption.

For any additional information or clarification, please contact: support@buybtc.cz

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March 20, 2013, 09:39:32 PM
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Wow.. I'm looking forward to hearing the result of that ruling.

Which way are you thinking it'll sway? Will there be any repercussions for other governments if it gets restricted?

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March 21, 2013, 09:32:51 AM
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Wow.. I'm looking forward to hearing the result of that ruling.

Which way are you thinking it'll sway? Will there be any repercussions for other governments if it gets restricted?

No I think either way it will be positive. It's just important to know for us if we might be violating some rules.

Our feeling is probably either a) It will be considered a virtual commodity- which is tricky because then it means we have to charge VAT on top of every bitcoin we sell. (21%) OR we could act as a broker, and thus charge 21% on our commission (our current strategy). BUT then they might require us to have some sort of brokerage license in this case.
or B) they will consider it foreign currency and we would have to register as some sort of FOREX exchange.

Either way, bitcoin itself is quite fine, but we don't want to run afoul of any regulations that mights *suddenly* appear. :-)

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