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Investors may not want bitcoin to be a real currency

Posted on 18 December 2013

The U.S. government still doesn’t consider bitcoin a legitimate currency—and investors may want to keep it that way. Tax pros generally agree any income achieved by selling bitcoins must be taxed. “Bitcoin is subject to income and capital gains taxes like anything else,” says Stephen Pair, co-founder and chief technology officer of BitPay, a payment services provider that specializes in virtual currencies.
The exact way they are handled, however, could have very different tax implications. In Norway, for example, the tax authority there declared Monday that bitcoins aren’t a real currency but that they would be taxed as an asset and charged capital gains tax……………………………………….Full Article: Source


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