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Denmark has always been known for its interest in going cashless and getting technology companies to invest in its projects. Along with a few other countries, Denmark wants to completely get rid of cash. Experts are of the opinion that Denmark may become the world’s first cashless country.
At the time of writing, the Danish Central Bank is weighing the pros and cons of using blockchain to create E-Krone, a digital currency to reduce cost of transaction. Denmark may also be the first country in the world to appoint an ambassador to represent its interests in the biggest technology companies in the world.
Denmark is a world leader in innovation in areas such as pharmaceutical sciences, telecommunications, IT, and design. Experts consider it to be at the forefront of financial technology development. The country is definitely going to benefit a lot by being technology as well as Bitcoin friendly. Already, Denmark is reaping profits because of its attitude towards technology and Bitcoin.
Denmark is not only one of the most Bitcoin friendly countries in the world, but it is also one of the first to declare Bitcoin trade to be tax free. In March 2014, the Central Bank of Denmark announced that Bitcoin cannot be considered as a currency.
Moreover, Anders Samuelsen of the Liberal Alliance is familiar with Bitcoin and his party accepts bitcoin donations. In fact, in 2014, the Liberal Alliance was the first political party in Denmark to use blockchain technology in an internal election.
Although Denmark is familiar with Bitcoin and accepts it, bitcoins are still not widely used in the country. One can still not say when exactly Denmark will start using Bitcoin as an alternative to the current banking system or a means of exchange. The Central Bank has refused to regulate the use of Bitcoin within the borders of Denmark, but the country is home to several Bitcoin exchanges and start-ups. One of them is CCEDK, which is known for its innovation in blockchain technology. Recently, it released decentralized exchange and Bitcoin 3.0 technology.
Speaking about Bitcoin, CCEDK CEO Ronny Boesing said: “Denmark was recently voted being the happiest country in the world, and the open mind towards cryptocurrency is just another reason to be happy living in Denmark.”
Another interesting development was observed in the cybercrime unit of the Denmark police. They developed advanced software to track transactions made in bitcoins so that they could nab drug traffickers.
In fact, Bitcoin transactions are anonymous, but it has a pseudonym nature that makes it very easy for anybody to track transactions made in bitcoins. All they have to do is examine the public blockchain. Moreover, the wallet addresses can be easily viewed, making it possible to track transactions. This information, however, has nothing to do with bitcoin users’ personal information such as names and physical addresses.
The fact that bitcoin transactions can be traced makes it very easy for surveillance companies such as Elliptic and various law enforcement agencies to control criminals who try to abuse the advantages that Bitcoin offers.
Currently, Bitcoin is not permitted in online casinos regulated in Denmark. But this may change in the future, especially as no individual is taxed for profits earned through bitcoin trading. Moreover, the Financial Services Authority and the Government of Denmark have announced that all businesses dealing with bitcoins will have to pay taxes. The Financial Services Authority also wants the government to amend the laws so that it can regulate all virtual currencies, including bitcoins.
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