Now Reading:
Israeli Court Rules Bitcoin Is an Asset in Feud Over Tax Payment
Full Article 40 second read

Israeli Court Rules Bitcoin Is an Asset in Feud Over Tax Payment

An Israeli court has ruled that bitcoin is an asset and not a currency, and thus subject to capital gains tax (CGT).

The Central District Court made the ruling in a case involving a blockchain startup founder and the Israel Tax Authority, which ultimately won the decision, Globes reported Tuesday.

The founder, Noam Copel of DAV.Network, reportedly bought bitcoins in 2011 and sold them in 2013 at a profit of 8.27 million Israeli new shekels ($2.29 million). He contended in court that bitcoin should be treated as a foreign currency and not be taxed.

Input your search keywords and press Enter.