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Bitcoin Regulation and Bitcoin Tax in Romania

Bitcoin is looked upon favbourably in Romania although some regulations need to be put into place says Ilan Laufer, Romania’s Business, Commerce, and Entrepreneurship Environment Minister.

"I believe that this is a market with a special dynamic. When we speak about cryptocurrencies, we speak primarily about Bitcoin. It's a more volatile market than any normal one. On one hand, this might attract large investors, which we see happening. It's a new system that’s based on the trust of those who use the blockchain, of those who use the currency. It's a bit different when compared to listed stocks or other properties that you could buy through the stock exchange," he said during a speech at AGERPRES, Romania’s oldest autonomous press agency recently.

He also considers ‘that cryptocurrencies will have a game-changing effect on how transactions will be done in Romanian.’

"I strongly believe in the idea of cryptocurrencies and that the future and the way we complete transactions—the way in which banks behave—will be affected by the development of this new industry. It's a challenge for the banking system because this area isn't very well regulated and I believe that this should happen. It's an area in which lots of money circulates, but it is also a new technology. We have to understand and look at what benefits it brings with it and how it can be implemented in the real economy. This kind of thing is happening at a rapid pace. It's one of the few projects that have taken everyone by surprise at a global level. Now, we see many states that are rushing to adopt legal procedures to regulate the transfer [of cryptocurrencies] and their function, among other things." he added.

However, Laufer has not revealed details of the regulations to be imposed but it is considered to be very basic.

Meanwhile you can buy Bitcoin in Romania through Zebra and BitcoinRomania in more than 800 locations around the country.

This article is for information purposes only and is not to be construed as financial information for any purposes 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.