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Sweden Rejects Bitcoin as a Currency, May Classify as an Asset Instead

Avatar newsbtc 6 years ago

Sweden Coat of Arms

The Swedish Tax Agency is reportedly set to reject bitcoin as a currency, treating it tax-wise as an asset, like a rare artwork, or other valuable like an antique.

“Currencies are traditionally tied to a central bank or a geographic area,” said Olof Wallin, an official at the country’s tax agency.

Such a classification would allow the Swedish tax man to charge capital gains taxes on transactions made using the digital currency, which could certainly come as not-so-good news to enthusiasts.

Tax authorities are also looking into how bitcoin miners will be classified. A possibility is that miners should be classified as businesses, with the flexibility to allow them to deduct hardware expenses.

The news comes just days following Finland’s rejection of bitcoin as a currency, in which it is instead being treated as a commodity.

Read the full report on Bloomberg News.

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