The NGO believes that a foreign currency should not be classified or taxed as an asset. The organization requested a letter and sent it to the prime minister of that country.
The non-profit organization, Lobby New Zealand, sent a letter to the Prime Minister of that country, Jacinda Ardern, to ask her as a representative of the Government to accept bitcoin (BTC) as a foreign currency.
The letter appeared on Monday, June 14, 2021, on the NGO’s Twitter account. In the document, there is also a call on the central administration to make this request come to fruition in at least 86 days, which is the date when the cryptocurrency law will receive a regulation, making this currency a legal tender in El Salvador.
The organization adhered to the letter that New Zealand must fulfill its duties as a sovereign nation. This call to action is expected once international travels come back to normal, assuming it is after September 7, 2021, it is also fair to consider that many New Zealanders and Salvadorans will travel between each country.
This Transition Could bring Tax Charges
For those foreigners arriving in New Zealand, the transition from bitcoin to the New Zealand dollar may incur tax charges under current legislation. Lobby New Zealand believes that this situation is extremely unfair to both New Zealanders and Salvadorans
In the last paragraph of the letter, the NGO tells the government that it is willing to help them legally to make possible every change so that bitcoin receives its treatment as a foreign currency. Lobby New Zealand also argues through a tweet that a foreign currency should not be classified or taxed as an asset under that nation’s law.
A tweeter, and a Free Market Maximalist expressed through a tweet: “Maybe I don’t understand the tax implications of assets against the currency. But I’m sure it’s different in most countries.”
What is Lobby New Zealand?
Lobby New Zealand promotes itself as an independent non-profit organization. Their main goal is to achieve a better outcome for all New Zealanders, the entity reports that the issue they bring to the fore is whether actions and policies are in line with the convenient interests of our society.
Among other actions, this NGO has asked the New Zealand government through press releases to deplore the actions of Hamas during the conflict that is happening in Israel. Also, there is a formal request for Trevor Mallard to resign from his position as Speaker of the New Zealand House of Representatives.
Regulation of the Bitcoin Law Must be Ready in at Least 90 Days
This New Zealand Lobby request runs in parallel with the time (90 days) in which the regulation that will accompany the Bitcoin Law will be ready to give legal tender to the most famous cryptocurrency in the Central American nation.
As Joan Godoy, a political science student in Guatemala and co-founder of the Coincaex exchange recently pointed out in the program “Bloque de la Alianza Blockchain”, which is broadcast on the YouTube platform.
By: Jenson Nuñez
