NY Federal Judge: Bitcoin Is Money
Reuters
accepted as a payment for goods and services or bought directly from an exchange with a bank account. The case adds to the current debate as to how exactly one should classify digital currencies like bitcoin. The IRS, for example, says that virtual currencies are, for tax purposes at least, property, not currency that could generate foreign currency gain or loss for U.S. federal tax purposes. The Commodity Futures Trading Commission, meanwhile, says that virtual currencies are actually a commodity like soy beans and barrels of oil.