Bitcoins: The significance of the technology is very clear for users. However, when it comes to states, opinions vary widely. We have tried to find out what Bitcoins really are, a commodity, a currency or money. The classification of Bitcoins is particularly important for tax treatment.
Disagreements in the United States
If one examines some institutions, the following picture of the Bitcoin formula ideas emerges:
In the United States there are many different views of Bitcoin formula: https://www.onlinebetrug.net/en/bitcoin-formula/ Each state sets its own laws and understands Bitcoin from a different perspective. At the same time, everyone wants to maintain control and influence over crypto technology. (We are now consciously talking about crypto technology and not crypto currency, because Bitcoins are not really a currency from the point of view of all states).
FinCEN sees Bitcoins as currency, while the SEC treats them as money. On the other hand, the CFTC regards them as commodities.
Debate on Bitcoins as a commodity
In particular, the CFTC’s proposal to designate it as a commodity caused a great stir in the Bitcoin community and triggered a debate. Treating Bitcoin as such property could have negative consequences for its owners.
The debate was triggered by Aitan Goelman, the CFTC’s executive officer responsible for implementation:
“Even though the excitement about Bitcoins and other digital currencies is very strong at the moment, an innovation does not justify not having to follow the usual laws and rules, as all other participants in the trading market have to do”.
Other U.S. citizens say that states are all trying to gain more control over Bitcoins and digital currencies. Classification is only a means to an end to achieve this. Depending on Bitcoin’s position under the law, governments may be able to intervene in regulation to varying degrees.