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ECB Official Calls for Duty on Bitcoin Transactions

Bitcoin in Osterreich!

Bitcoin should be regulated and even taxed, according {for an European|to an European|to the European} Central Bank (ECB) {regulating|ruling} council member.

Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria’s central {lender|standard bank|loan company}, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be {plainly|evidently} identified, {along with|over|together with} paying value added tax (VAT).

What  Daily Mail says

According to the Daily Mail, the banker also expressed concerns about potential uses in money laundering, saying:

“It can’t be allowed that we’ve just decided to stop printing 500-euro paperworks to fight money washing, that we’ve slapped tight rules in each very small savings club, and then have to watch people blithely laundering money world wide with bitcoin. ”

Nowotny’s comments come just few times after ECB executive plank member Beno?  Union told Caixin Global that bitcoin is in a bubble. Like his Austrian peer, Coeur? said one of the key concerns bordering bitcoin relates to duty evasion and money washing.

Coeur?

Coeur? continued to say that bitcoin was reinforced mainly by speculation and “there is a risk of large capital failures which investors should be aware of it.

Both equally bankers declared that bitcoin is not a forex, with Coeur? adding that investors would not be able to {put it to use|make use of it} as a means of repayment.

Nevertheless he did say that distributed ledger technology (DLT) generally speaking shows guarantee for wholesale and selling applications, noting the ECB’s recent partnership with the Bank of Japan to research use cases for the tech.

While banking companies worldwide are looking into using DLT to {upgrade|revise|bring up to date} or replace existing financial systems, the technology is still too young for any meaningful implementation, this individual said.