Legality of Bitcoin for Gambling #bitcoingamblinglegal #LegalUseOfBitcoinForGambling #legalUseOfBitcoinGaming http://bit.ly/bitcoinlegalgaming Bitcoin gambling legal: Can you imagine sending money just as quickly as sending an email? As technology advances we can now allow everyone to bet with Bitcoin. These innovative changes decentralize networks and use peer to peer technology to record and verify all transactions on a public ledger.
In order to bet online with Bitcoin you will need to first buy Bitcoins. Please note that Bitcoin is considered by authorities as a commodity and countries are currently discussing and passing laws on how to properly track and tax bicoins and other digital currencies such as litecoin, dogecoin currently being processed by companies such as GoCoin and PayPal. Therefore allowing Bitcoin gambling to become a legal paradise on the web and no possibility of breaking the laws since you are simply replacing a wager from a current fiat with Bitcoins. Be advised, you as the bettor must follow the rules and regulations regarding any gambling laws in your country, state, and city. It may be that your state allows gambling but it does not offer Bitcoin gambling services. You must be aware of your state’s laws and abide by them. Even though this may not have been implemented yet in your state, casino games using Bitcoin is perfectly legal.
Countries Banning the Use of Bitcoin#banningofbitcoin North America (Non-US)
Canada is claiming it will tax Bitcoins in two ways. Transactions made for goods/services will be treated under its barter rules; and Dept of Finance states that profits on commodity transaction could be income or capital.
South America Bolivia – The Banco Central de Bolivia has officially banned any currency or coins not issued or regulated by the government, including bitcoin and a list of other cyptocurrencies including namecoin, peercoin, primecoin,litecoin, dogecoin and feathercoin. They stated, “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity”. Brazil- in April 2014 established how it would treat the holding and usage of bitcoin and other digital currencies. They are taking a stand similar to the one announced by the US Internal Revenue Service by treating digital currencies as financial asset.The Receita Federalde Brasil is imposing a 15% capital gains at the time of sale, however there are some key differences that have been generally viewed positively by bitcoin users in the country. Columbia- may be close to outlawing bitcoins transactions in South American countries according to the Superintendencia Financiera de Columbia (SFC) in a newspaper claimed on March 20, 2014. The ban may very well focus on bitcoin handling activities, rather than outright purchases by consumers. GoCoin is monitoring this closely and more info can be found at www.gocoin.com. Ecuador- has banned Bitcoins and other decentralized digital currencies with a creative twist by establishing guidelines for the creation of a new, state-run currency. This law will give the government permission to make payments in “Electronic Money.”
EUROPE The EBA published an “opinion” warning financial institutions to stay away from digital currencies and were advised not to buy, hold or sell digital currencies until new rules and regulations are put in place. Belgium has no intention of intervening in bitcoin business or regulatingit, said the Belgium Bitcoin Association. Germany being the most advanced country when it comes to regulation, has exempted bitcoin transactions held for over one year from a 25% capital gains tax. It has also categorized bitcoin as a form of private money. The Bundesbank stated that bitcoin was “not an alternative to national currencies” and values were “highly speculative.” Iceland is one of the countries that has instigated a ban on bitcoin and other digital currencies due to capital controls resulting from the banking crisis of 2008. Buying (importing) bitcoins from outside the country is illegal because it constitutes a movement of capital out of the country. Personal ownership however, does not seem to be an issue. France on the contrary was mainly focused on the opportunities presented by the new technology and how existing laws and organizations can be used to catch wrongdoers. Making bitcoins illegal was not an option. The French Ministry of Economy and Finance state that “while bitcoin is not officially recognized by the state, revenues generated from digital currency transactions are subject to taxation.”
They also stated, “All taxpayers are required to declare all their revenues, including those originating from abroad.” Australiahas provided businesses with guidelines on how it intends to deal with bitcoin, stating that income and profits derived from bitcoin transactions are now taxable. Singaporeis another major international financial services hub permittingbitcoin under the auspices of “not interfering” with business, despite its earlier warnings of the risks involved. But they also announced they will regulate virtual currency exchanges and ATMs, or order to address potential money laundering and terrorist financing risks.