Europe’s top court has ruled that purchasing bitcoin through exchanges will not be subject to value added tax (VAT) in a decision that has far-reaching implications on the continent for the viability of the world’s most popular cryptocurrency.
The European Court of Justice ruled Thursday that digital currencies like bitcoin should be treated in the same way as fiat currency and consumers should not be taxed when trying to buy or sell them. The Financial Times reports the ECJ said bitcoin transactions “are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender.”
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