“Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money. ‘Bitcoins don’t fall under the usual definition of money or currency,’ Hans Christian Holte, director general of taxation in Norway, said in an interview. ‘We’ve done some assessments on what’s the right and sound way to handle this in the tax system.’ Norway will instead treat Bitcoins as an asset and charge a capital gains tax. While tax revenue from Bitcoins isn’t substantial, Holte at the Norwegian tax authority said he plans to work with other countries to hammer out the legal aspects of Bitcoin.”
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