Norway: Bitcoin An Asset, Not A Currency

Norway’s government has declared that Bitcoin is an asset rather than a currency, Bloomberg News reported on December 16.

As a result, Norwegian citizens who will be expected to pay wealth taxes on their Bitcoin holdings. Additionally, businesses that conduct transactions in Bitcoin could pay up to 25 percent in sales taxes.

“Bitcoins don’t fall under the usual definition of money or currency,” Hans Christian Holte, Norway’s director general of taxation, told Bloomberg News in an interview. “We’ve done some assessments on what’s the right and sound way to handle this in the tax system.”

This development is the latest in a string of events that suggest Bitcoin may be exhibiting some bubble-like characteristics. Read the latest installment of the PYMNTS Bitcoin Bubble Tracker by clicking here.

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