Israel classifies the world’s largest cryptocurrency as an asset, and not as a currency

The latest country to comment on Bitcoin was Israel, with the country’s highest court ruling that the cryptocurrency was an asset, and not a cryptocurrency. This ruling comes in the wake of Israel’s central bank voicing the same decision about the king coin. Judge Shmuel Bornstein stated, “The Central District Court in Lod accepted the tax authority’s interpretation, and held that bitcoin is an asset and not a currency and that the transaction in question is therefore taxable.”

The clincher in the decision was the fact that Bitcoin would be taxable, making it fall directly under the norms of the country’s financial authorities. The status of the world’s largest cryptocurrency is still circumspect in the Reuven Rivlin-led country, but the latest ruling on Bitcoin makes it clear that Bitcoin may never come under the ‘currency’ bracket.

Source: https://ambcrypto.com/bitcoin-btc-israel-classifies-the-worlds-largest-cryptocurrency-as-an-asset-and-not-as-a-currency/

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