Swedish Bitcoin Exchange BTC-X takes Tax Authorities to Court

Guest Author | March 24, 2015 | 9:39 pm

Swedish Bitcoin Exchange BTC-X takes Tax Authorities to Court

Guest Author | March 24, 2015 | 9:39 pm

The Swedish Bitcoin exchange BTC-X is being forced by the Tax Authorities to disclose all of their customer’s financial information. Tax Authorities have demanded the full customer transaction history, which will allow them to track every financial move, from the small Swedish bitcoin exchange BTC-X customers.

This latest move made by the Swedish Tax Authority is an evident case of Privacy violation as we have never seen before. It looks like the government is seeking to take away the undeniable people’s right to privacy.

To make matters even more uncomfortable, this demand was made without the Swedish Tax Authorities having any individual or general suspicion of crime.

By demanding the transaction history for the 20,000 customers of the BTC-X exchange, the Swedish Tax Authority will be able to fully track everybody’s past, present and future financial transactions. They will also be able to fully track everybody’s financial data even those people will do outside of that exchange in the future.

BTC-X exchange decided to fight back by taking the Tax Authority to court over this demand, stating that this request constitutes a serious attack on people’s undeniable right to privacy. As this would enable traceability over transactions, BTC-X is taking the Tax Authority to court over their demands.

The Swedish government has been one of the first governments to ask the European Union to publish rules on digital currencies, and one other aspect that turns this whole situation even more important, is that bitcoin may be pseudonymous, but it’s still traceable and it can be used as the ultimate tool enabling governments to track every cent spent you spend.

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  • DougNJ

    Sweden does not want to miss out on skimming their share off of that BTC stream.

  • Another good reason to purchase your Bitcoin at an ATM instead of online….

  • Guest

    We will take this all the way to the European Union court to decide if we have to.

  • To all our clients: Our lawyers belive we have a strong case, and we have already made the Tax Agency back down from their original request to get all clients public keys. We will not divulge any information without first letting the court decide and then letting all of you know in advance what we will do and why. We will endeavour as far as possible to protect our clients privacy.

  • cohagen

    This is what happens when you get all wanna be anti gov and dodge taxes you get caught. You really want to avoid taxes? Hold and use cash exclusively. No hacker in the world can hack a good leather wallet or fiat paper cash thats in it. DUH!

    • negahllort

      sure there is, except instead of hackers they’re called thieves, crooks or the fed.

      • cohagen

        Samething, rose by any other name…

        • negahllort

          exactly. thanks for making my point

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