October 18, 2017

5 Facts You Need To Know About Bitcoin

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The bitcoin is a virtual currency and free, not tied to any official monetary system. A bitcoin can be transferred by a computer or smartphone without recourse to a international. financial institution. The concept was introduced in 2008, a paper published by a programmer with the pseudonym Satoshi Nakamoto.

The bitcoin is one of the first implementations of the concept called decentralized cryptocurrency, first described in 1998 by Wei Dai on 8 Cypherpunk mailing list. Although only digital format, a bitcoin is nonetheless considered an asset, in the economic sense of the term, ie, it can be considered value, credit or good.

Though rising, some experts point out the bitcoins and virtual currencies such as the new economic bubble. In the second half of 2014 they lost 45% of its value after it catapultarem to more than $ 1,100 last year, with a forecast of higher falls, according to Bloomberg Global search with finance professionals.

Nevertheless, its acceptance in the market has increased and because it is relatively new for many consumers, there are numerous questions about its legal implications. The pinion and Koiffman Lawyers, firm specializing in information technology and innovation, has compiled five main guidelines for this financial modality.

With the highly volatile price, Bitcoin has no national or foreign authority responsible for it: the network itself issues (creates), mining, buy, sell, and is responsible for verifying the authenticity of transactions.

Here are five fundamental topics regarding the legal, tax and financial implications on the bitcoin:

1. There is no currency

Although much talk about the 'Virtual currency Bitcoin' , can not be legally considered currency. In Indonesia or abroad, coins may be issued by competent authorities for this, as the Central Bank. As Bitcoin is mined by the network, it can be more easily considered a commodity, just like gold or soybeans: has monetary value, variable price and can be used as a medium of exchange, but it is not currency.

2. It must be stated in the Income Tax 

Although, as said, no competent authority is responsible for issuing the Bitcoin and in Indonesia, no regulation has been made in relation to it, the reserves in Bitcoin must be declared in IR people physical or recorded in the balance sheet of legal entities. The Bitcoin fits the classification, Other assets and rights, the declaration of individuals. Similarly, if there is a positive difference between the value of purchase and sale of Bitcoin, focuses on this result the capital gains tax, whose rate is 15% for individuals and up to 34% for legal entities

3. It is not subject to backup

The Bitcoin when acquired (by purchase or mining), is stored in the device hardware (or a virtual wallet) and you can not back up to other computers. just as you can not copy your money in several banks. as this would hinder the validation of the network transactions. For this reason it is important to take some safety precautions when dealing with Bitcoin, They have been the target of hacker attacks.

4. Payment via Bitcoin is exchange or donation payment, not buy and sell

As Bitcoin is not money, to purchase a good or service by paying with Bitcoin, what is actually happening is an exchange or payment in kind as Indonesia provides the legal tender of the national currency. Thus, it is necessary that contracts with payment in kind performed in Bitcoin, to be valid in the country, expressing the value of assets in real.

5. Bitcoin can not be used to pay salaries, bonuses or awards to employees

American labor law requires the payment of compensation be made in America currency, the real, in the case. Thus, Bitcoins could only be used to pay benefits on the profits of the company and provided there is a company policy to regulate, as with the stock option plans.

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