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- Anonymous nature: Address of the buyer and seller to hide, there is no third party (without payment system and supervised by reputable financial institutions) and therefore no transaction fees. So far no mechanism to force those businesses by taxing Bitcoin virtual currency.
- Concerned: anonymous nature of the Bitcoin system will facilitate easier to deal laundering or financing of terrorist activities?
- Legalization: The Bank of China prohibits payment in Bitcoin but Baidu and China Telecom has accepted. Apart from China, no other country has announced ban Bitcoin.
Bitcoin is a currency "virtual" for online payments without going through an intermediary. Report issued on 2-12-2013 financial investment, on the series record: "Paradise new tax dodge", which refers to the popular Bitcoin is used to buy things, but so far there is no mechanism to force business people in virtual currency Bitcoin taxed.
In Vietnam now also have corporate commercial transactions with Bitcoin with the Bitcoin prices converted 1 = 910USD.
Chat online payments via bank without actually nothing new by long you can use PayPal to pay for the goods and certain services. However, such transactions can not be considered "virtual" because PayPal requires personal details of the buyer and seller for a fee. Meanwhile, in the Bitcoin payment system without third parties and therefore no transaction fees.
Anonymous Bitcoin moved between addresses of buyers and sellers rely on servers lurking somewhere not easily identify the location, by the signal transfer was spread with thousands of servers around the world great. But before you Bitcoin you still need to move your real money on a certain transaction middleware and granted as Mt Gox an "account".
Bitcoin next particular is not a central payment system and are monitored by a financial institution in good standing. In other words, if the Bitcoin system stops working, there will not be a specific party responsible for reimbursement.
However, according to the analysts, the question for many countries the monetary authorities is whether the anonymous nature of the Bitcoin system will facilitate easier for money laundering or financing deal support for terrorist activity or not?
The most recent proof is the Central Bank of China in December last year banned the use Bitcoin due to concerns about the risk of money laundering. Earlier, Bitcoin still accept payments on many websites including Baidu, the largest search engines of China and China Telecom to mobile network's 3rd China.
However, many countries to see Bitcoin as a fact of life, that disagreement nor opposed. Namely in Singapore, the central bank is familiar with the name MAS announced Bitcoin is "commercial decisions should not interfere". What is interesting is the fact there are several business establishments have started accepting payments by Bitcoin.
For example, the Tax Department of Singapore (IRAS) regulations that Bitcoin transactions "stick" to the goods and services on the island territory will have to bear the lion goods and services tax (GST), currently 7% .
Unknown aforementioned dynamics of MAS and IRAS have to be the first step before the Bitcoin legalized or not. But so far, only one developed country in Northern Europe is Denmark in December last year said it would have rules about Bitcoin transactions to prevent the risk of money laundering and other illegal activities. Thus in addition to China, no other country has declared ban Bitcoin.
There is an embarrassing thing if regulations or specific legalization, by Bitcoin is a digital currency (digital) and "virtual" but does not mean fake. According to some experts, Bitcoin can be seen as a financial tool buyers hoping to add value in the future. You can use real money to buy Bitcoins can then convert it into real money, so it has more detailed stock.
Maybe one day soon, the counters of foreign currency transactions will have served convert Bitcoin section for foreign visitors to the island Lion. Under the provisions of the current law, the foreign currency trading desk in Singapore have licenses and are managed by the MAS. But the problem is that the Bitcoin payment or use online and in real life there are many people involved or not.
IRAS immediate conduct themselves when GST revenue generating transactions. And if there is money laundering and terrorist financing by Bitcoin involved Singapore, MAS will definitely hand with appropriate sanctions.
