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The World's secure bitcoin wallet. Xapo is the most trusted bitcoin Wallet and Vault. We provide the security and convenience that bitcoin holders need to acquire, transact and manage their bitcoins. When you create a Xapo account you are given a Wallet and a Vault. Think of the Wallet like a checking account and think of the Vault like a savings account. Your Wallet is designed to hold the funds that you use for day-to-day spending and the Vault is insured and designed to hold the funds that you want to safely store for the future.
Previously, anytime a user sent bitcoins to someone who did not have a Xapo account, the user was charged a small fee by the bitcoin network to send your bitcoins. These fees serve as both a reward and incentive to the people who operate the bitcoin network. Now, anytime a user sends bitcoins to another bitcoin address, Xapo will pay these fees and you will not be charged to send payments to other users.
The European Court of Justice has ruled that taxpayers that exchange traditional currencies for units of the "bitcoin" virtual currency should be exempt from value-added tax, in a long-awaited ruling that will create greater certainty regarding the tax treatment of using and trading in virtual currencies in the European Union (EU).
Europes highest court ruled in response to a request by Swedish tax authorities, who had argued bitcoin transactions should not be covered by a European Union directive exempting currency transactions from value added tax (VAT).
The Court also held that those transactions are exempt from VAT under the provision concerning transactions relating to 'currency, bank notes and coins used as legal tender'. To exclude transactions such as those envisaged by Hedqvist from the scope of that provision would deprive it of part of its effects having regard to the aim of the exemption, which is to alleviate the difficulties connected with determining the taxable amount and the amount of VAT deductible which arise in the context of the taxation of financial transactions, the ECJ said.
The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels.
The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks "to help identify the users who trade in virtual currencies", as well as end "the anonymity associated with such exchanges".
During a press conference today, Valdis Dombrovskis, who services as vice commissioner for the group, told reporters: "By June at the latest we will propose measures to...have better control of payment forms such as virtual currencies and anonymous pre-paid cards."
Dombrovskis went on to say that the Commission is preparing to monitor and potentially prohibit transactions from "high-risk countries" that enter the EU. "In June the Commission will come up with an 'EU blacklist' of such countries," he said.
According to a press release, published yesterday, the Commission is seeking "rapid" action on legislation related to "the field of virtual currencies". This action comes as the European Parliament, the legislative arm of the EU, also considers its own form of digital currency regulation.
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Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins arent printed, like dollars or euros they re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. Its the first example of a growing category of money known as cryptocurrency.
Bitcoin can be used to buy things electronically. In that sense, its like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoins most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank cant control their money.
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
+ info: CoinDesk
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