Bitcoin company Bitonic has launched a crowdfunded campaign to support efforts to define bitcoin as money in the Netherlands. The campaign has been dubbed Bitcoin is Geld (literally: ‘bitcoin is money’) and has so far raised more than 30 BTC. The cause enjoys the support of the Dutch Bitcoin Foundation and law firm SOLV.

Bitcoin is Geld will use the funds to promote legislation beneficial to bitcoin users in the Netherlands, effectively defining bitcoin as money in the country. The campaign website indicates that the campaign was formed after a Dutch judge stated that bitcoin is not considered ‘real’ money and it now plans to take “the judge’s statement to a higher court by giving reasons as to why bitcoin should be defined as money”.

It states: “Labelling bitcoin as a medium of exchange instead of money could have a big impact on individuals and companies who are engaged with this virtual currency. With this campaign, Bitonic and the community examines the question as to what could be expected if bitcoin, by law, would be treated the same as money.”

News on Bitcoins

The first goal is to raise a minimum of €15,000-worth of bitcoin, with Holland-based Bitonic contributing around a third of that total (10 BTC and €2,500), which will go towards hiring lawyers to spearhead the campaign. If fundraising goes well, other experts will also be taken on board.

The campaign aims to highlight the differences between treating bitcoin as a medium of exchange and treating it as money, which has far-reaching implications for taxation and estate law, as well as anti-money laundering (AML) provisions. As a result, the campaign argues, the regulatory framework should be changed.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

Continue reading “Bitcoin News: A New Dutch Campaign Seeks Recognition for Bitcoin”