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BITCOIN:.................Colombia Says Bitcoin Is Not a Currency - FOR THE RECORD

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Following in the footsteps of many other nations, Colombia’s Central Bank has issued a statement regarding Bitcoin, saying that it is not a currency or a means of legal tender in the country.
The information comes not long after the Colombian government agency that handles the financial system ruled that local banks would be banned from holding, investing in or brokering Bitcoin transactions.
“The Bitcoin is not a currency in Colombia and, therefore, not a means of payment of unlimited legal tender with a discharge power. Then there is no obligation to receive it as a means of fulfilling the obligations,” said the Central Bank.
Basically, the Colombian Central Bank refused to recognize Bitcoin as a currency because it was not backed by a central bank of the world.
Just recently, the American fiscal authorities have also issued a statement regarding Bitcoin. The IRS was concerned about how to tax the cryptocurrency, so it had to come up with a plan.
The agency swiftly fixed the issue by saying that Bitcoin and any other virtual currencies were considered property and not currency, and will be taxed accordingly. This means that general tax principles applying to property transactions will also apply to Bitcoins. Many are concerned, however, that the IRS may go after people if the buying price was of $500, for example, and the selling price was double.


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