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This article was published on December 16, 2013


Norway rejects Bitcoin as a legitimate currency, will treat savings as taxable assets

Norway rejects Bitcoin as a legitimate currency, will treat savings as taxable assets
Jon Russell
Story by

Jon Russell

Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on T Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on Twitter, Angel List, LinkedIn.

btcGovernments are beginning to take a stance on Bitcoin, the latest being Norway, where the director general of taxation has said that the crypto-currency “[doesn’t] fall under the usual definition of money or currency.”

After deliberation and research, Norwegian authorities announced that they will treat Bitcoin savings as assets which are subject to capital gains tax, according to a Bloomberg report.

The ruling follows Korea’s decision to reject Bitcoin as a legal currency, while China’s central bank responded to the growth of Bitcoin in the country by saying it doesn’t recognize it as a legal currency and warning of associated risks.

➤ Norway’s government says Bitcoin isn’t real money [The Verge]

Related: This Norwegian man invested $27 in Bitcoin in 2009, when he remembered it in April it was worth $885,000

Image via Zack Copley, Flickr