Bitcoin Bull’s $800,000 Tax Bill Due as Israeli Court Rules Crypto is ‘Property’

By CCN: An Israeli court has ruled that Bitcoin is not a currency but rather an asset. This was in a case brought forth by Noam Copel, a blockchain entrepreneur, according to business publication Globes. The ruling means that Copel will pay taxes of New Israeli Shekel (NIS) 3 million ($830,115). This is after making profits of over NIS 8 million ($2.2 million) trading bitcoin six years ago. In the course of presenting arguments, Copel had made the case that bitcoin should be classified as a foreign currency. The country’s tax collection agency, Israel Tax Authority, had made the opposing

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source https://www.ccn.com/bitcoin-bull-800000-tax-bill-israeli-court-crypto-property

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