News
A municipality in Norway is using all means necessary to avoid “energy-sucking” Bitcoin miners establishing further operations, citing noise complaints and energy concerns.
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Norway News
The Kingdom of Norway is a unitary country in the Scandinavian Peninsula and several islands with an area on 385 thousand kilometers and a population of 5.3 million people. Norway is one of the wealthiest countries in the world in terms of income per capita. It is also high in such indexes as democracy, happiness and education. Most Norwegian exports are based on petroleum, but also include agriculture, heavy machinery and chemical products. Cryptocurrencies are legal in Norway and the taxation system of Norway applies to Bitcoin. Bitcoin profits are a subject of wealth tax and usage of Bitcoin is performed under sales tax regulations. Bitcoin’s definition in Norway is an asset and not any type of money. High technological development and the liberal market of the country made Norway a blockchain startup-welcoming place.
- News
The prototype infrastructure for Norway’s central bank digital currency is based on Ethereum, the Norges Bank officially stated.
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Paolo Ardoino, chief technology officer of Bitfinex and Tether, made the case that Tether is a tool for human rights during the World Economic Forum in Davos, Switzerland.
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The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on Tuesday.
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Norway’s Bitcoin mining credentials are impressive: The small European country hosts 0.77% of Bitcoin’s hash rate using 100% green, renewable energy.
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According to a recent survey from Arcane Research, the number of Norwegian women that own cryptocurrency has doubled from 3% to 6% in just one year.
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Not only does one Norwegian Bitcoin miner boast 99% renewable energy stats, but it’s even using waste heat to dry out timber and, soon, seaweed.
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"The future of the financial industry is built on blockchain technology," said NBX CEO Stig Kjos-Mathisen.
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Norway’s Financial Supervisory Authority says it only supervises crypto companies for money laundering.
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Executive chair Frank Holmes described the sale as “unfortunate” but approved of the community continuing to find uses for the property.
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The Norwegian central bank aims to find a preferred CBDC solution through new technical tests.
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"Our experience is that most people will follow all laws and regulations, and we will help those who invest in crypto to do it right," said Marius Johansen.
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Norwegian billionaire investor Øystein Stray Spetalen made a 180° reversal in his opinions about cryptocurrency this month and now part-owns domestic crypto exchange MiraiEx.
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Aker ASA has created a new subsidiary to hold Bitcoin on its balance sheet and invest in other companies in the crypto space.
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Cash usage has declined in Norway since COVID-19, but physical currency also carries strengths that CBDCs may lack.
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