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by s73v3r
3925 days ago
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Just because someone says that Bitcoin is a currency doesn't make it one. Keep in mind that the Japanese Yen is a currency in Japan, but under US regulations, it is not. Likewise, the US Dollar is probably not a currency in Japan, but an asset/commodity. |
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For many purposes, yes, it is, especially in tax law, which is why people also wanted Bitcoins to be recognized as such.
Under Subtitle A of the Internal Revenue Code, foreign currency like the Yen has special rules vis-a-vis commodities. In particular, when you buy something with Yen (up to $200 in value), it is not considered a realization of capital gains and so it is not taxable, unlike if you used a commodity to pay.
https://www.law.cornell.edu/uscode/text/26/988