Spain Started a Debate on the Legal Status of Cybercurrency

Spain Started a Debate on the Legal Status of Cybercurrency Bitcoins sparked an intriguing debate in Spain recently, on whether it should be regarded as a legal tender or not. The debate was triggered by a Spanish law firm Abanlex which consulted the Spanish Treasury seeking an opinion on whether Bitcoin and other cybercurrencies are considered money and should online operators using these cybercurrencies fall under the national gambling regulations. If this is correct, the online gambling operators should therefore pay the appropriate fees and taxes.

In its response, the Treasury implies that cybercurrencies are treated as legal tender, because it opines that gambling is taking place using the cybercurrency, and therefore licensing is required

The Treasury advised:

"Ultimately, the bitcoin is a convertible virtual currency that can be exchanged between users and, likewise, be converted into dollars, euros, or other currencies both real and virtual.

"The activity of betting with bitcoins is considered to be included within the definition of bets, [and] it is therefore mandatory to obtain the general betting licence and the corresponding singular license."

After getting the response, Abanlex highlighted the ambivalence of the Treasury’s response, pointing out that if Bitcoin is considered as money under the Spanish gambling laws then other laws must take this into consideration.

If put into effect, players wishing to remain anonymous, would be discouraged from using Bitcoin, although states like the Spanish government would be eager to have tax Bitcoin’s revenues.

The debate may not end any time soon as Bitcoin popularity grows in variety of industries and the Bitcoin automatic teller machines are soon to be reality.
  • Bitcoins is great, this is for sure! Anonymous transactions, less fee than any other ewallet, and most bitcoin casinos pay withdrawals almost instant. This is great thing, and probably one disadvantage of bitcoins it is a bit hard of byuing it, and that the price usually changes a bit.
  • In my opinion bitcoins are a great thing.. it can make so much things so easier..ofcource that security is an issue, and probbably the biggest one..and i think they shouldnt be only used in gambling, but also in other seggments..its a good sign to see that it has became a serious alternative at least in least it should be
  • The bitcoin controversy continues. There are so many conversations about bitcoin, but the one that caught my attention was at a recent US Senate hearing. Coin Desk, an independent publication, claims to be the world leader in news, prices and information on bitcoin and other digital currencies states that bitcoin value can fluctuate as much as 45% in one day. They go on to say that bitcoin is limited in supply by design. If bitcoin is here to stay why would you use it to purchase anything when its value could double in a couple of weeks. I believe that bitcoin and other cyber currencies are internet history in the making.

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