Federal Courts Zeroing in on Bitcoin Definition

By October 2, 2014Bitcoin Business

Federal Courts Zeroing in on Bitcoin Definition One of the most talked about issues with respect to Bitcoin and other cryptocurrencies is exactly how they are to be legally defined. The Internal Revenue Service has ruled that, for tax purposes, Bitcoin is not to be considered “money”.

While Bitcoin is commonly used as payment for goods and services and acts as a “denominator of value”, the IRS ruled that Bitcoin is taxable as property, not […]

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