Bitcoin payment system does not have a third party and therefore no transaction fees. Anonymous nature of the Bitcoin system will make it easier for deal of money laundering or terrorist financing.
- Anonymous nature: Address of the buyer and seller to hide, no third-party (non-payment systems and monitoring by reputable financial institutions) and therefore no transaction fees. To date there is no mechanism to force the business by taxing Bitcoin virtual currency.
- Concerned: anonymous nature of the Bitcoin system will make it easier for deal of money laundering or financing of terrorist activities?
- Legalization: Central Bank of China prohibits payments by Baidu and China Telecom Bitcoin but still acceptable. In addition to China, the country has not yet declared prohibited Bitcoin.
Bitcoin is a currency "virtual" for online payments through an intermediary does not. DTTC Alert issued on 2-12-2013, on the series record: "Heaven new tax dodge", referring to the popular Bitcoin is used to buy things, but so far there is no mechanism to force business people in virtual currency Bitcoin taxation.
In Vietnam today has now also trade with Bitcoin exchange rate converted 1 Bitcoin = 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 viewed as "virtual" because Paypal requires personal details of people who buy and sell for a fee. Meanwhile, in Bitcoin payment system does not have a third party and therefore no transaction fees.
Anonymous Bitcoin transferred between the address of the buyer and seller on the server concealed somewhere not easy to identify the location, because the signal is transferred to distribute thousands of servers around the world world. But before Bitcoin you still need to transfer their real money on a certain transaction middleware as Mt Gox and granted an "account".
Next characteristics of Bitcoin is not a central payment system and is supervised by a financial institution in good standing. In other words, if the Bitcoin system stops working, will not have a specific party responsible for reimbursement.
However, according to the analysts, the question for the monetary authorities in many countries is whether the anonymous nature of the Bitcoin system will make it easier for money laundering or financing deal support for terrorist activity or not?
Evidenced most recently the Central Bank of China in December last year banned the use Bitcoin due to concerns about the risk of money laundering. Previously, still accept Bitcoin payments on many websites including Baidu, the largest search engine in China and China Telecom mobile network ranks 3rd of China.
However, many countries to see Bitcoin is a fact of life, that disagreement was not opposed. Specifically, in Singapore, the central bank is familiar with the name MAS statement Bitcoin is "commercial decision should not interfere." What is interesting is the fact there are a number of businesses have started accepting payments in Bitcoin.
For example, the Tax Department of Singapore (IRAS) regulations Bitcoin transaction that has "stick" to the goods and services on the territory of the island Lions will face the goods and services tax (GST), currently 7% .
Unknown aforementioned dynamics of MAS and IRAS is the first step before the Bitcoin legalized or not. But so far, the only developed country in Northern Europe Denmark in December last year that would have rules about Bitcoin transactions to prevent the risk of money laundering and other illegal activities. Thus, in addition to China, the country has not yet declared prohibited Bitcoin.
There is something embarrassing if regulations or specific legalization, because 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 spend it with other securities.
Who knows, one day, the foreign exchange desk will add the service switch Bitcoin for foreign visitors to the island lion. Under current law, foreign exchange counters in Singapore are licensed and managed by the MAS. But the problem is that the payment or use Bitcoin online and in real life there are many people who participate or not.
Immediate IRAS proceed on the GST when transactions. If there is money laundering and terrorist financing by Bitcoin involving Singapore, MAS will certainly hand with the appropriate sanctions.
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