Bitcoin News Mash-Up: BTC China Suspends Yuan Transactions; France Declares Bitcoin Taxable

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Bitcoin News

The following are the major Bitcoin events that took place between April 25th and April 28th.

BTC China Suspends Yuan Deposits in Major Chinese Banks
Renowned Bitcoin exchange BTC China has stopped accepting Yuan deposits in China Merchants Bank, a major local bank, announced the company on its Weibo social network website. The decision was taken in response to the PBOC ruling that makes its mandatory for commercial banks and third party payment providers to cut their business ties with Chinese Bitcoin Exchanges.

Bitcoin Foundation Extends Voting Period
According to a notice published on their website, The Bitcoin Foundation has extended the date of its special elections to fill-up the seats voided by Mt. Gox CEO Mark Karpeles and BitInstant former CEO Charlie Shrem. As opposed to its primarily scheduled date April 28th, the voting for the new industry seats will now be held on Wednesday, April 30th.

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The management changed the date because of alleged reports that said that ballots are getting stuck in spam folders.

Bitcoin ATM arrives in Japan
The land of rising sun is now the land of rising Bitcoin. Japan, on the footsteps of many other countries, is all set to host a Bitcoin ATM inside its territory. The new technological artifact is manufactured by Las Vegas-based Robocoin and was unveiled last week in Suzuka. Furthermore, this ATM machine is equipped with the potency to not only convert fiat currency to Bitcoin, but also vice versa.

France: Bitcoin Revenues Should Be Reported
The France Ministry of Economy has made it clear that they do not recognize Bitcoin as a currency. But they have also said that people that generate any revenue from Bitcoin will have to report tax authorities and thereon pay taxes. However, one of the ministry’s spokesperson, says that “there will be some tolerance” towards the people whose livelihood do not depend entirely on the cryptocurrencies (for instance: occasional sales).

To contact the assembler of this stories: Yashu Gola at yashu@forexminute.com

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