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WASHINGTON: Wading into a murky tax question for the digital age, the U.S. Internal Revenue Service said on Tuesday that bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as currency.
BRUSSELS: Europe should update its laws to reflect the rise of digital currencies, the head of a bitcoin start-up said, after a successful U.S. auction of bitcoins was seen as a sign of their broadening appeal.
Europe should update its laws to reflect the rise of digital currencies, the head of a Bitcoin startup said, after a successful US auction of Bitcoins was seen as a sign of their broadening appeal.
New York’s powerful banking regulator Benjamin Lawsky said that digital currencies like Bitcoin pose a major challenge, but should not be stifled.
A year ago, bitcoin was widely dismissed as little more than a way for drug-dealers and terrorists to move money around anonymously. Now, some of the world's biggest banks and companies are buying into the technology behind it.
Australia's major banks are closing accounts of bitcoin companies, forcing at least 13 digital currency providers out of business in response to tougher rules on money laundering and terrorism finance, an industry body spokesman said.
Blockchain technology could reduce the role of intermediaries such as banks and settlement houses, the Bank for International Settlements - or "the central bankers' central bank" - said in a report.