Perkins Coie Unveils Virtual Currency Tracker

Perkins Coie Unveils Virtual Currency Tracker

Want to know what Belgium thinks of virtual currency? What about Russia? Well the lawyers at Perkins Coie have compiled an international virtual currency tracker (PDF) with up-to-date information on the regulations and actions of 44 countries and the European Union.

For the record, the National Bank of Belgium has warned investors of the dangers of the virtual currencies and declared they’re not legal tender; in Russia, virtual currencies are banned outright.

The Perkins Coie resource tracks countries that have assessed the regulation, restriction or allowance of virtual currencies on the operation of businesses and exchanges and charted the intersection of virtual and traditional financial institutions, according to a blog post of the firm’s website. The authors note it will be updated regularly and point to some other great tools for tracking development in this sector.

The tracker includes websites such as BitLegal, which shows the regulatory landscape of virtual currency around the world, and a bitcoin survey conducted by the Library of Congress, which reported on 40 foreign jurisdictions and the EU that recognized the bitcoin as legal tender.

The resource also spotlights international issues such as in Germany, where virtual currencies are financial instruments and subject to capital tax, and Indonesia, where the new currencies violate electronic transaction and currency laws.

Attorney Marlisse Silver Sweeney is a freelance writer based in Vancouver. MarlisseSilverSweeney@gmail.com. Twitter: @MarlisseSS. LTN: @lawtechnews.

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