Israeli Court Says Cryptocurrencies are Assets not Currency and are Liable to Taxes

The Israeli court has declared all the digital currencies, including Bitcoin should be considered as a taxable asset rather than currencies as per the report surfaced on 21st May in a local news website.

The judgment was delivered to the case in which an Israeli startup founder argued with the Tax authority of the country to make the profit from the sale of cryptocurrencies to be tax-free. The court has delivered its judgment in favour of Tax authorities of the country, thereby endorsing the definition of the central banks for the currencies.

Noam Copel, the founder, as mentioned earlier of the startup, DAV. The network had earned a massive amount from the sale of Bitcoin which he had purchased in 2011. He claimed that Bitcoin must be considered as foreign currency and must not be imposed with tax. In response to this, the Tax department said Bitcoin is not a currency but an asset which makes it liable to taxes. And as per the definition of the chief bank of the country, it can never be considered as a foreign currency.

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