The Latest in IT Security

Governments worldwide are trying to solidify their positions on Bitcoin. Chinese regulators banned financial institutions from using Bitcoin earlier this month, while in July, Thailands government declared the virtual currencys use illegal due to a lack of applicable laws. Now Bitcoin has taken another hit to its legitimacy: Norway — Scandinavias richest nation — has said that the currency doesnt qualify as real money. Norways director general of taxation, Hans Christian Holte, said the currency doesnt fall under the usual definition of money. The Norwegian government instead decreed Bitcoin to be an asset upon which capital gains tax can be charged. Bloomberg says profits from Bitcoin will fall under the wealth tax, and that losses can be deducted.