The first quarter (Q1) of 2019 introduced several key legal updates concerning cryptocurrency taxation. Q1 has seen various countries such as Italy, United States (U.S), Japan, Denmark, Poland, Romania, Venezuela, Indonesia, South Africa, India, Chile and others, define tax treatment for cryptocurrencies including Bitcoin (BTC), the top virtual asset by market cap (MC), Ethereum (ETH) and Ripple (XRP).
Law 30/2019 amending the Fiscal Code became active on Sunday January 20, 2019 and introduces freshness to the system of Romania, viz. classifying the profits accumulated from Bitcoin (BTC), the flagship crypto and other cryptoassets as financial gain accruing over a given period of time from other sources.
Unknown deadly hackers have successfully blocked all computers in-use at Bucharest's District 1 City Hall, and asked the responsible authorities to quickly pay a ransom in Bitcoin (BTC) in order to unlock the network.
Bitcoin is gaining acceptance not only among consumers but also with retailers in countries all over the world. Data collected from coinmap.org reveals Romania is one example which has 47 vendors in 17 localities who accept Bitcoin transactions, most being in the vicinity of Bucharest.
Romania has become the most recent nation to institute a regulatory process explicitly aimed at digital currencies and cryptocurrencies. The Romanian ministry of finance officially published a draft of an Emergency Ordinance that clearly outlines the conditions and full requirements to be fulfilled as an issuer of electronic money in the country.
On February 21, Alexandru Petrescu announces intent to invest in blockchain technology during the Decentralization Conference (D10e) in Bucharest Romania. This marks the world’s fastest growing economy participation in blockchain tech.