Swiss parliamentary postulate: Bitcoin is a currency

[molecular]

Good news from one of the last bastions for monetary freedom and rational govt.

Go Switzerland!

There's also some gov't proposal in cyprus to endorse Bitcoin (have it traded on the cypriot stock exchange, even). See interview with cfo of a crypriot university (endorsing Bitcoin, taking BTC as payment for education) on Max Keiser: http://www.youtube.com/watch?v=tZDmpiSdTTk#t=693

Yay! competition!

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[garan]

I'm not really convinced the parliament should recognize bitcoins as a currency like e.g. CHF, USD. What advantages would this recognition provide aside from having recognition from a parliament? Less taxes?
Also, wouldn't it be enough if the parliament recognizes it as a legal asset or commodity (like gold, silver, etc.)?

[SimonBelmond]

I'm not really convinced the parliament should recognize bitcoins as a currency like e.g. CHF, USD. What advantages would this recognition provide aside from having recognition from a parliament? Less taxes?
Also, wouldn't it be enough if the parliament recognizes it as a legal asset or commodity (like gold, silver, etc.)?

Commodity would not be desriable as you would have to pay VAT on it (except for gold in bullions). So if you sell me your cake for BTC we would both have to pay VAT. This would basically kill legal BTC trade in Switzerland. And yes, I think it is very desirable to have legal clarity. No medium to big businesses would want to sell things for BTC if it is not properly defined how to handle it.

[garan]

Ok, I see. What should it be for only one of us to pay VAT? A currency? 

[Lethn]

I'm not really convinced the parliament should recognize bitcoins as a currency like e.g. CHF, USD. What advantages would this recognition provide aside from having recognition from a parliament? Less taxes?
Also, wouldn't it be enough if the parliament recognizes it as a legal asset or commodity (like gold, silver, etc.)?

It's a question of simply calling Bitcoin what it is, 'private money' as opposed to doing the UK or American thing of applying whatever definition they like to it despite it's purpose being blatantly obvious to anyone with a brain.

[Kaligulax]

Bitcoin is an asset, perhaps implicitly superior to fiat currencies, or a currency.  It is interesting that the BIS affiliated central banks believe that it is an asset. 

[bryant.coleman]

Ok, I see. What should it be for only one of us to pay VAT? A currency? 

From what I could understand from the post made by Hermel, there will be no VAT on Bitcoins for Swiss residents. There will be a wealth tax, but it is not very heavy (maximum will be around 1.6%).

On the other hand, if you are living in Norway you will have to pay VAT on bitcoin purchases.