Spanish Government: Bitcoin is Considered Cash for Tax Purposes

The Spanish tax authority, the Agencia Estatal de Administración Tributaria (AEAT), is “monitoring” digital currencies to ensure they are not used for illicit purposes such as money laundering and tax avoidance, the country’s government has stated.

Perhaps more interestingly for bitcoin, the announcement seemed to indicate that digital currencies will be treated as cash, not commodities, for the purposes of taxation… CONTINUE