Donors — such as companies that need specific skills modules could sponsor individual students, block money toward learning goals, and pay out according to achievement. Legal Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization Are you thinking of joining the Bitcoin mining universe? Finder the opportunity goes bitcoin simply mixing and matching courses. Retrieved 7 May
There are a lot of other characteristics you can discover here , at CGminer official forum. Indications are that early BoJ signals point to their general framework on "electronic retail payment service systems" possibly being brought to bear on initial cryptocurrencies considerations [35]. As of [update] , Bank Indonesia allows person-to person transaction using bitcoin at their own risk, but forbid fintech, e-commerce, and electronic payment gateway for accepting bitcoin [91] As of December , Bank Indonesia plans to issue a regulation prohibiting transactions using Bitcoin, a digital currency created in by an unknown person or group under the alias Satoshi Nakamoto. Overall, they do a pretty good job — but there are limitations. A 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated.
Ethereum has some extraordinary capabilities and tools. Modules, the businesses of bitcoin, newspapers, and record labels are in various stages of finder. It has its computer science. Block 7 May In turn, the product helps users co-innovate content that educators can teach to students.
Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines Bangko Sentral ng Pilipinas under Circular [96].
In December , the Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.
On 22 September , the Monetary Authority of Singapore MAS warned users of the risks associated with using bitcoin stating "If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse" [97] and in December stated "Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene" [98] In January , the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which Bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services.
Businesses that deal with Bitcoin currency exchanges will be taxed based on their Bitcoin sales. The initial position of the Bank of Thailand, mid , was to discourage the use of bitcoin, however as of [update] , the Bank of Thailand is open to bitcoin provided proper controls are in place. Thai based bitcoin exchanges can only exchange Digital Currencies for Thai Baht and are required to operate with a Thailand Business Development Department e-commerce license.
In cases where an ICO constitutes offering of securities, the issuer will need to comply with applicable regulatory requirements []. Trading in Bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted. In August , Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by the end of The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from million to million VND [] , but the government doesn't ban bitcoin trading as a virtual goods or assets.
On 6 December , the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that bitcoin is not illegal in Croatia. Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization On 19 August , the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with Euro transactions.
It is not classified as a foreign currency or e—money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. The use of bitcoin in Poland is not regulated by a legal act at present.
They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities. As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system".
In October , the National Fiscal Administration Agency ANAF declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well implying no taxation.
The National Bank of Slovakia NBS , stated [] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control. At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins.
Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme virtual currency is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors' money are not protected.
For any compensation of losses caused by such exchanges or purchases there is no legal entitlement. On 23 December the Slovenian Ministry of Finance made an announcement [] stating that bitcoin is neither a currency nor an asset.
Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June In , Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies. The use of bitcoins is not regulated in Ukraine. As of [update] , FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not prevent anyone from opening such businesses.
In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1, euros of the currency in a month.
The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. Finland [] Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes. Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible.
Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime. According to a opinion, from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency.
For this reason alone, transactions with virtual currency are subject to restrictions in Iceland. On 12 March , the Central Bank amended its rules.
With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. Bank of Lithuania released a warning on 31 January , that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset.
Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin. As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world.
The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment. There is not a single word in Bulgarian laws about bitcoin.
No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals. As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.
The French Ministry of Finance issued regulations on 11 July pertaining to the operation of virtual currency professionals, exchanges, and taxation. The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins.
The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies.
As of [update] , virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.
However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax. In December , the governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to.
The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. Redirected from Legal status of Bitcoin. For a broader coverage related to this topic, see Bitcoin. This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. Accessed 25 September Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Retrieved 5 March Market, economics and regulation" PDF.
European Parliamentary Research Service. Bitcoin regulation or plans therefor in selected countries. Retrieved 18 February Retrieved 8 July Guidance for a risk-based approach.
Retrieved 6 March Retrieved 30 October South African Reserve Bank. Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Trinidad and Tobago Guardian.
Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador. Retrieved 22 October National Bank of the Kyrgyz Republic. Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency.
How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ". Retrieved 28 April Retrieved 26 February Retrieved 21 September Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ".
Retrieved 15 October Retrieved 3 December Retrieved 2 March Retrieved 11 January Retrieved 7 May Retrieved 27 December Retrieved 29 October Retrieved 1 November Retrieved 25 August Retrieved 19 March Retrieved 14 December Retrieved 8 August Bitcoin nie jest nielegalny".
Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 24 March Swiss Financial Market Supervisory Authority. Retrieved 16 April Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases with Bitcoin".
Retrieved 5 January Archived from the original on 17 December Retrieved 24 December Retrieved 15 March Retrieved 15 November The Central Bank of Iceland. Retrieved 8 January Deal Book New York Times. New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 20 December Retrieved 16 September Retrieved 25 April Retrieved 6 June Commission de Surveillance du Secteur Financier.
Retrieved 19 October The Australian Financial Review. However, it remains dominant overall. The professors who remain relevant will have to abandon the traditional lecture and start listening and conversing with the students.
To begin, students could achieve the mastery of knowledge anything where there is a right or wrong answer by working with interactive, self-paced computer learning programs outside the classroom, freeing students and faculty alike to spend class time on the things that matter: We also need to be clear on the purpose of higher education.
What counts these days is the capacity to learn throughout life; to research, analyze, synthesize, contextualize, and critically evaluate information; to apply research in solving problems; and to collaborate and communicate. So how can blockchains help? Consider the case, noted above, of Vitalik Buterin, the founder of the Ethereum blockchain. He can speak on the works of the game theorist Thomas Schelling and the behavioral economists Daniel Kahneman and Dan Ariely.
The topic of bitcoin, he noted, kept coming up. It has this math. It has its computer science. It has its cryptography. It has its economics. It has its political and social philosophy.
I earned twenty bitcoins. I spent half of them on a T-shirt. Going through that whole process, it felt almost like working with the fundamental building blocks of society. By the end of that year, Buterin was spending ten to twenty hours a week writing for another publication, Bitcoin Magazine. Waterloo was a really good university and I really liked the program.
My dropping out was definitely not a case of the university sucking. Buterin is a natural-born leader, in that he pulls people along with his ideas and his vision. A good model for classroom collaboration is Consensus Systems ConsenSys , one of the first Ethereum software-development companies.
It is breaking new ground in management science along the lines of holacracy , a collaborative rather than hierarchical process for defining and aligning the work to be done. For the most part, members of ConsenSys choose two to five projects to work on.
There is no boss. Everyone owns a piece of every project directly or indirectly: The goal is to achieve a balance between independence and interdependence. For the classroom, the watchwords are agility , openness , and consensus: Teachers and students alike would need training to participate in such a system.
Many educators have a problem with the idea of education as big business, and yet companies like Pearson and McGraw-Hill make their fortunes by providing the classroom content, additional teacher training, classroom and school administration systems, and the testing content and platforms — the results of which lead to credentials, not just of high school diplomas and college entrance but of individual licensures and professional certifications.
These companies have considerable budgets for lobbying federal and state legislators. From to , the average tuition and fees at private colleges and universities increased percent. Tuition and fees for out-of-state students at public universities jumped percent, and in-state tuition and fees ballooned by percent. Melanie Swan is looking to the blockchain to tackle student debt head-on.
She is the founder of the Institute for Blockchain Studies. The blockchain provides three elements toward this goal: Consider smart contracts for coding skills. Donors — such as companies that need specific skills — could sponsor individual students, put money toward learning goals, and pay out according to achievement. Every week this student would need to provide proof of completion of a development module. This could all be accomplished without a not-for-profit or government agency with administrative costs and the power to change funding.
Employers — or other students or professors — will be able to query the blockchain for people with the particular combination of skills and knowledge needed immediately on the job or in the classroom. In other words, the blockchain will help employers match projects with the proven capabilities of students available for project work.
Students will be able to link these earnings with a particular lecture or skill so that they can calculate the precise value of each element of their training and development.
Likewise, human resources personnel will be able to calculate the return on their training and development investments. The phrase ivory tower usually carries pejorative connotations. From the 19th century, it has been used to designate a world or atmosphere in which intellectuals engage in pursuits that are disconnected from the practical concerns of everyday life. For cynics, it connotes a willful separation from the everyday world; esoteric, overspecialized, or even useless research; and academic elitism, if not outright condescension.
The blockchain will enable the 21st-century institution of higher education to disaggregate into a network and an ecosystem — not a tower. To make this work for students, colleges and universities will require deep structural changes, and educators will need to embrace partnerships. Vest argued that a noble and global endeavour of this scale would speed the propagation of high-quality education and give teachers and students everywhere the ability to access and share teaching materials, scholarly publications, and scientific works in progress and to participate in real-time science experiments.
An average of only 15 percent of students who sign up for MOOCs complete them; free MOOCs are still considered supplemental to tuition-based online courses from traditional colleges and universities. The blockchain provides a rich, secure, and transparent platform on which to create such a global network for higher learning.
The first is content exchange. Professors share ideas and upload their teaching materials to the Internet for others to use freely. The second is content co-innovation, where teachers collaborate across institutional and disciplinary boundaries to co-create new teaching materials using wikis and other tools. By stage three, the college or university has become a node in the global network of faculty, students, and institutions learning collaboratively. It still maintains its identity, campus, and brand.
The global network for higher learning is not a pipe dream. Leading scholars know that higher education institutions and their faculties cannot continue to operate as islands, constantly reinventing the lecture. The lowest level of collaborative knowledge production is simple content exchange: OpenCourseWare solves the problem of isolation and provides a wealth of materials that others can use and even build on, regardless of their institutional affiliation.
Professors and students will need better tools for gauging the quality and suitability of various assets, and students will want some evidence of effort to carry forward. Members of the worldwide academic community will have incentive to contribute their intellectual property, know-how, and insights not just to improve higher education but also to enhance their own reputations and even to receive material or financial benefit.
Newcomers will be able to see not only the most used content relevant to their studies but also the most valued contributors. For-profit academic journal and textbook publishers can participate in, rather than intermediate, value creation. The next level in collaborative knowledge creation goes beyond discussing and sharing ideas to the actual co-creation of content.
A case in point is Wikiversity , a project of the Wikimedia Foundation. Rather than offer a set menu of courses and materials, Wikiversity participants set out what they want to learn, and the Wikiversity community collaborates, in multiple languages, to develop learning activities and projects to accommodate those goals.
Imagine what a platform like Wikiversity could do with a token system to reward collaborative behavior! It enables the community to identify valuable projects, assemble teams of collaborators, and fund each phase of development, rewarding collaborators according to their contributions.
Of course, participants would not agree totally on course contents, since there are various perspectives, schools of thought, and teaching techniques. But as in Wikipedia, the professors could work globally to create core, generally agreed-upon modules, and then subnetworks of like-minded teachers could develop ancillary elements. For the ultimate course, the teachers would need more than course materials — they would need course software allowing students to interact with the content, supporting small-group discussions, enabling testing and scoring, and issuing badges for completion.
If thousands of people can develop Linux , the most sophisticated computer operating system in the world, they can certainly develop the tools for a psychology course. Indeed, many well-known open-source software projects are already under way in the academic community.
One of the most popular is Sakai. Built by educators for educators, Sakai facilitates collaboration in and across courses, research, projects, administrative processes, and multidisciplinary and multi-institution efforts. Creation of the software itself is a product of content co-innovation. In turn, the product helps users co-innovate content that educators can teach to students. We need more projects like this. Used properly, blockchain platforms could support such collaboration directly with students too.
The upshot could be a disaggregation of institutions of higher learning. The digital world, which has trained young minds to inquire and collaborate, is challenging not only the lecture-driven classroom but the very notion of a walled-in institution that excludes large numbers of people.
Why not allow a brilliant ninth-grader to take first-year college math, without abandoning the social life of his or her high school?
Why use the concept of grades and grade matriculation at all? Why not encourage a foreign student majoring in math to take a high school English course? Why is the college or university the unit of measurement when it comes to branding a degree? The student enrolls in his or her primary college and is assigned a knowledge facilitator , who works with the student to customize a learning experience, the journey, and outcomes.
The student might enroll in the primary college in Oregon and register to take a behavioral psychology course from Stanford University and a medieval history course from Cambridge. For these students, the collective syllabi of the world form their menu for higher education. Yet the opportunity goes beyond simply mixing and matching courses. Of course, such open platforms could provide a means to address the needs of all learners, not just traditional college-age students.
The cost of building new continuing education programs from scratch could be prohibitively high, but innovative models of collaborative education could bring greater efficiency, creativity, and credentialing to lifelong learning initiatives. Platform developers could use fees collected from commercial users to subsidize ongoing development. If all this innovation is a good idea, what are the incentives to change? Why should professors adopt a new model of pedagogy?
Tenure continues to prop up the lecture model. So if you're an academic or an administrator, you might say: Why should I bother? I have enough on my plate.