Money categorized as raw material
Virtual money, Bitcoin, now officially categorized as raw materials, like oil or flour.
This decision has received committee of raw materials trade, which in turn also announces that it has filed a lawsuit against Bitcoin Exchange to facilitate the possibility of exchanging online platform. Taking into consideration the lawsuit, the committee found that Bitcoin and other virtual currencies actually meet each criterion by being the raw material.
Virtual coins now officially comes under the jurisdiction of this committee. Already for a long time, the markets, the debate on the categorization of Bitcoin has been in focus. The implications of this decision on the other hand are numerous. The exchange of virtual currency and any other action, shall enter into regulators of the agency. In misdemeanor cases, it may be fraud, the committee will be able to press charges against the perpetrators.
Even if a company wants to operate through a Bitcoin exchange platform, will need to be officially registered. Coinflip, who is also the company against whom charges were brought, is the only one on the market that offers fuel Bitcoin exchanges.
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