Dr. Irving Wladawsky-Berger, Chairman Emeritus at the IBM Academy of Technology, attributes growing adoption of digital currencies to the evolution of the Internet, which has transformed the way we communicate and conduct business day to day. This report suggests that the recent ruling by the European Court of Justice, that Bitcoin and other digital currencies ought to be exempt from VAT, will cause the use of digital currencies to become more widespread across Europe. The Commission has been considering whether or not it should apply VAT on virtual currencies, such as bitcoin, for some time.
This report suggests that the recent ruling by the European Court of Justice, that Bitcoin and other digital currencies ought to be exempt from VAT, will cause the use of digital currencies to become more widespread across Europe. The Commission has been considering whether or not it should apply VAT on virtual currencies, such as bitcoin, for some time.