"GO" Signal From UK for Bitcoin

[Martin Lawrence]

UK is giving the Bitcoin the ‘Go’ signal by scraping the 20 percent VAT laid on it. Does this mean that it is finally being recognized as a currency? The European Banking Authority however has already warned its users that the use of virtual currency will not be protected by the WU law of refund rights. Governments all around the world seem to be struggling with the conundrum of dealing with the digital currencies. Russia and Vietnam have declared that transacting the virtual currency was illegal and even China has banned the handling of Bitcoin in its banks. Are they right in being cautious?

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[FlappySocks]

Not so fast!  "Amber" at best.  The UK banks wont touch you if you start any bitcoin related business. There have been loads of reports of banks closing accounts without explanation.

The banking system is corrupt over here, and the government is too.  I cant see anything changing any time soon.

[h3rlihy]

This was awesome news. Especially with the UK's usual "tax everything to death" stance

[Lauda]

This is rather good than great news. The banks are still problematic.

[Solarstorm75]

You know what "GO" means for traders?

Game Over.

 

[gentlemand]

It definitely clears some things up. There'll have to be at least one bank that decides it's going to play though. There aren't any yet.

[FlappySocks]

It's been almost a year since the UK banks lent on TransferWise, which was the most efficient way to get money in and out of Bitstamp.
https://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013/

The truth is, the UK is still closed for any serious Bitcoin investment.  HMRC were just under a lot of pressure to clarify the situation, for tax purposes.  Getting the banks to cave in, is less than hopeful right now, as it would only be detrimental to them.