Bitcoin News: A New Dutch Campaign Seeks Recognition for Bitcoin

apple-bitcoin

Bitcoin company Bitonic has launched a crowdfunded campaign to support efforts to define bitcoin as money in the Netherlands. The campaign has been dubbed Bitcoin is Geld (literally: ‘bitcoin is money’) and has so far raised more than 30 BTC. The cause enjoys the support of the Dutch Bitcoin Foundation and law firm SOLV.

Bitcoin is Geld will use the funds to promote legislation beneficial to bitcoin users in the Netherlands, effectively defining bitcoin as money in the country. The campaign website indicates that the campaign was formed after a Dutch judge stated that bitcoin is not considered ‘real’ money and it now plans to take “the judge’s statement to a higher court by giving reasons as to why bitcoin should be defined as money”.

It states: “Labelling bitcoin as a medium of exchange instead of money could have a big impact on individuals and companies who are engaged with this virtual currency. With this campaign, Bitonic and the community examines the question as to what could be expected if bitcoin, by law, would be treated the same as money.”

News on Bitcoins

The first goal is to raise a minimum of €15,000-worth of bitcoin, with Holland-based Bitonic contributing around a third of that total (10 BTC and €2,500), which will go towards hiring lawyers to spearhead the campaign. If fundraising goes well, other experts will also be taken on board.

The campaign aims to highlight the differences between treating bitcoin as a medium of exchange and treating it as money, which has far-reaching implications for taxation and estate law, as well as anti-money laundering (AML) provisions. As a result, the campaign argues, the regulatory framework should be changed.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

[grabpress_video guid=ef27077c46a558180e74b779127889ea4a5b2b09 embed_id=2151919]

Bitcoin Financial News

Kleiman argues a victory for bitcoin in the Netherlands would benefit other jurisdictions as well. “Our campaign has currently been funded for 90+% in a very short time period. We still have more than 50 days to go so we have a very positive outlook towards our goal and are convinced that we will hit the target,” he said.

Thanks for visiting the TechNews.org website. Be sure to catch all Bitcoin financial news, bookmark us and check all the videos and news articles regarding Bitcoin business news.

Signup for free to be the first to receive exclusive free links. Now in your mailbox!
Join over 15,000 subscribers
Send me links

Your information will not be shared to anyone