November 23, 2017

Vienna Welcomes Bitcoin

Vienna used the Austrian schilling as its currency in the past. But for two decades now, it has been using the Euro as its main currency thereby saying goodbye to tradition. This is after Austria joined the European Union (EU) in 1995 and the Eurozone in 1999.

With the introduction of the bitcoin, it is expected to give the city and the Austrian country in general another unique European experience. But the use of this new currency is not yet widespread and the Austrian government’s position is still between indifference and hostility.

Currently, there’s little legislation in place such as a VAT exemption for Bitcoin and a capital gains tax on trading the currency as an asset.

The good news is that in Vienna, various business establishments are already accepting Bitcoin. Some 20 vendors including restaurants, bistros, bars and a school teaching computer programming to kids. The city of Graz is also following suit with 18 bitcoin-friendly vendors in place including apartments for rent, apparel shops, shiatsu massages and vendors of Angus steaks.

Also, there are now two bitcoin automated teller machines or ATMs in place in the country.

There’s also the group Bitcoin Austria which regular holds social events that allow members to gather, discuss cryptocurrency news and spend bitcoin.

 

 

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