“It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act. A written response from the Central Bank of Iceland to Morgunblaðið states that the Foreign Exchange Act specifies general restrictions on foreign exchange trading and capital movements between countries. ‘It does not appear that the provisions of the Act that exempt goods and services from the aforementioned restrictions can be applied to trading in Bitcoin or that other exemptions from restrictions of the Act apply to such transactions,’ the Central Banks’s response states.”
http://www.reddit.com/r/Bitcoin/comments/1t8zf3/bitcoin_trading_illegal_in_iceland_according_to/
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