Money categorized as raw material
Virtual money, Bitcoin, now officially categorized as raw materials, like oil or flour.
This decision has received committee of raw materials trade, which in turn also announces that it has filed a lawsuit against Bitcoin Exchange to facilitate the possibility of exchanging online platform. Taking into consideration the lawsuit, the committee found that Bitcoin and other virtual currencies actually meet each criterion by being the raw material.
Virtual coins now officially comes under the jurisdiction of this committee. Already for a long time, the markets, the debate on the categorization of Bitcoin has been in focus. The implications of this decision on the other hand are numerous. The exchange of virtual currency and any other action, shall enter into regulators of the agency. In misdemeanor cases, it may be fraud, the committee will be able to press charges against the perpetrators.
Even if a company wants to operate through a Bitcoin exchange platform, will need to be officially registered. Coinflip, who is also the company against whom charges were brought, is the only one on the market that offers fuel Bitcoin exchanges.
Please feel free to comment, follow & resteem !
I was reading a daily e-mail today. The author talked about a new bill introduced in the US Congress - Here is the bill and Bitcoin, Etherum and other block chains will be included . https://www.congress.gov/bill/115th-congress/senate-bill/1241/text?inf_contact_key=4f1ca129b4613fd7d5f3f7ec408ac4fd#toc-idea0e9489fc8f46379f95bb56c8bbbda5
Ad to that Gift Cards, Reward Cards etc will have to reported and a form filed. This has some serious legal impact if the rules are not followed. The e-mail that I read said all assets can be seized. Looks like someone or thing does not like competition.
Very interesting post looks like a few lawyers team up to classify it as raw material. Wonder if this is being done because the governments want to get it is first case to be tried. If they are successful they will be enforce several regulations to curtail its growth.
Thanks for the post.
You are welcome :)
Interesting post qaopao.
In a world where what was considered "old reality", new enhanced reality and virtual reality are quickly merging, one wonders what a "raw material" really is. 😏
Perhaps the definition is changing or evolving as our awareness expands?
All the Best - Dev
Definitely the future is here..thanks for comment