Cryptocurrency Short News

U.K. Government Says, “Bitcoin is Neither Money Nor Currency”


Her Majesty’s Revenue and Customs (HMRC) manages the United Kingdom’s tax, payments, and customs authority. As per the announcement, the HMRC has updated it’s cryptocurrency taxation guidelines for businesses and individuals. 


The report says that HMRC does not consider Bitcoin and other altcoins to be either currency or “stock or marketable securities”. Companies that buy or sell tokens, mine, exchange tokens for other assets or provide goods or services in return for tokens have to pay for one or more different types of tax. The tokens traded for debt recovery are also taxable.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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