Smari McCarthy, a lawmaker for Iceland's Pirate Party, suggests taxing the profits of bitcoin mines as large virtual currency mining companies have established a base in the country.
The frenzy surrounding the virtual currency escalated just days before it starts trading on a major US exchange.
The stratospheric rise of bitcoin in 2017 has focused attention on cryptocurrencies. Created in 2009, bitcoin uses encryption and blockchain technology to enable fast and anonymous funds' transfers outside of a traditional centralised payment system.
Mark Karpeles, the chief executive of a now-defunct bitcoin exchange, has been charged with embezzlement and data manipulation that prosecutors claim caused the loss of about $500M.
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