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October 22, 2015 02:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/7Fgfxiq5Quk/eu-rules-bitcoin-is-a-currency-exchanges-are-vat-exempt
EU Rules Bitcoin Is a Currency, Exchanges Are VAT-Exempt
An anonymous reader writes with this snippet from The Stack: The European Union's Court of Justice (ECJ) has today ruled that Bitcoin is a currency, detailing exchanges that transfer traditional currencies into the crypto-coins for a fee are to be exempt from consumption taxes. Under the EU rule against value added taxes (VAT) on transfers of "currency, bank notes and coins used as legal tender," the new call presents an important boost for Bitcoin, erasing related costs for buying and using the virtual funds in Europe – one of the world's leading trading zones.That decision overrides other approaches previously taken by some of the member countries, which treated Bitcoin like an exchangeble commodity itself, rather than a medium of exchange.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/7Fgfxiq5Quk/eu-rules-bitcoin-is-a-currency-exchanges-are-vat-exempt
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