When introducing a complementary currency, we have to answer a question of legality. The system we could design and implement could be: LEGAL – designed to conform to current state legal rules, ready to be scrutinized and controlled by the state, and accepting government sovereignty. ILLEGAL – designed to operate without and against applicable law, regardless of any cooperation with the state. EXTRALEGAL — designed to operate primarily within the gaps of the current legal system. Not being governable. Create de facto norms that can then be incorporated into legal systems – if the state accepts them. This means that one of the goals of the system is to eventually be legal – through lobbying and the development of state policy and legislative changes. One approach is that the system is only a means of facilitating trade. In a mutual loan, there is no currency. Only account management that allows people to know how much everyone has given and received. The question then arises as to whether the accounts have legal significance, especially since the unit of value is subjective and they constitute a private agreement; And on what basis does the government think it can tax the exchange? These issues should be clarified for a while, quite a while. Steven Long, 111 North Canal Street, Chicago, IL 60606, United States And here`s the UK government`s general plan for its approach to digital currencies: www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf If you have a problem getting your download, click here to return to the article page.

Or contact our support team, who will be happy to help you. And here is the US-IRS approach: www.irs.gov/irb/2014-16_IRB/ar12.html (Please check your download folder shortly for your download) On taxation, here is the approach of the UK tax authorities towards Bitcoin www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies.