Norway rejects Bitcoin as a legitimate currency, will treat savings as taxable assets

Governments are beginning to take a stance on Bitcoin, the latest being Norway, where the director general of taxation has said that the crypto-currency “doesn’t fall under the usual definition of money or currency”.

Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money. “Bitcoins don’t fall under the usual definition of money or currency,” Hans Christian Holte, director general of taxation in Norway, said in an interview. “We’ve done some assessments on what’s the right and sound way to handle this in the tax system.”