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Bitcoin Regulation and Bitcoin Tax in Czech Republic

It seems in the Czech Republic Bitcoin has become more popular than the Euro. Czechs are now storing their assets in Bitcoin rather than in euros in the bank. During a recent survey twice as many people said they keep their assets in Bitcoin than they do in the local fiat currency and Bitcoin and Ethereum have become the more popular coins of choice.

The koruna is the currency of the Czech Republic since 1993, and in English it is sometimes referred to as Czech crown (Wikipedia). The Czech Republic has been planning to adopt the Euro for some years but opposition to it has remained steady at around 85 percent of the population. With the increasing popularity of Bitcoin in the Republic it seems increasingly unlikely the Euro will be adopted after all. Cryptocurrencies, such as Bitcoin and Ethereum, are becoming more popular for investment purposes despite the Czech National Bank downplaying the importance of cryptocurrencies.

The Czech Republic have enacted no laws regarding cryptocurrency. Regulation regarding a KYC policy has been instituted to prevent anonymous transactions but that is as far as it goes and this is no different to many countries around the globe. According to the Czech National Bank, 'There really is no reason for banks to fear them. All of the alternative currencies are negligible in terms of size and scope: electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, a currency used by just 10.5m people.'

Not long ago Bitcoin was used to buy real estate in the country. A Russian recently paid 35 Bitcoins to purchase an apartment in Prague. "One of his conditions was to pay with bitcoin." Jaroslav Kováč, founder of the company that sealed the deal, told Hospodářské noviny. He said he was also negotiating other sales in bitcoin with other interested Czech and foreign clients. Earlier last year Alza the largest retailer in the Czech Republic started accepting bitcoin and installed a Bitcoin ATM in two of its showrooms; one in Prague and one in Bratislava. All of its stores in the Czech Republic, Slovakia, Austria, Germany, Britain and on Alzashop.com now accept the digital currency using Bitcoinpay.

This article is for information purposes only and is not to be construed as financial information for any purpose such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.