Crypto-currencies such as Bitcoin should not be considered as money or a foreign currency when it comes to taxation, Australias tax authority ruled Wednesday. In guidance designed to help people finalise their tax returns, the Australian Tax Office said Bitcoins were a form of property, disappointing those hoping they would be seen as a currency. The decision follows a similar move by the US Inland Revenue Service in March. Transacting with Bitcoins is akin to a barter arrangement, the Australian Tax Office said in its guidance.
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