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Bitcoin Exempt From VAT Says European Court of Justice
An anonymous reader writes: The European Court of Justice (ECJ) proposes that Bitcoin should be exempt from Value Added Tax (VAT). This news has been positively received by the Bitcoin community in the EU, as member states are not likely going to apply VAT to purchases and sales of Bitcoin. A clear cut argument brought up by Advocate General Juliane Kokott, was that VAT is commonly applied to goods and services which have an end consumer. Bitcoin is neither a good, nor a service and has no end consumer, as Bitcoins are eternally transferable just like normal currency. Bitcoin exchanges such as Coinbase, Kraken, Bitstamp, and Bitfinex will all benefit from this ruling, which may lead to other countries across the globe to follow a similar approach.
Bitcoin is a cool thing in theory, but when can I exchange it for money that shops actually accept, so I can do my groceries with it?
Always read at -1, don't let others decide what you should and should not read.
What are you talking about? Your statement is the opposite of what happened.
The court basically said "Yeah, that's basically like money" - meaning it's not a product itself but can be used to acquire other products. *Those* products are still subjected to VAT, as should be, but bitcoin itself isn't.
Bitcoin is STILL a thing? There's STILL idiots out there who thinks it has any value and willing to pay for it?
Wow... Just... Wow.
Yes, it still has value. Even more so now that the craze has died down. It is used more and more like a currency rather than for speculation.
The primary goal of bitcoin it to promote trade without central authority. It makes transacting globally very easy for very minimal transaction costs. Bitcoin does much good for the unbanked and poor, so it may be slow adoption., but in many 3rd world countries with unstable national currencies, it has done wonders.
Being a spelling & grammar Nazi is a sign you do not poses the intelligence to contribute to the conversation