US's Main Financial Regulator Describes Virtual Currency as Commodity: The Impact

The Commodity Futures Trading Commission (CFTC), the main financial regulator in the US, has announced that virtual currency like bitcoin will now be recognized as a commodity in the US just like materials like gold and oil and are covered by the Commodity Exchange Act. The government can now collect taxes from those using it.

According to BusinessDictionary, Commodity tax can be described as a tax on profits made through trading commodities. Profits on commodity trading are taxed on a ...

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