Quote from: orions.belt19 on April 07, 2018, 05:23:04 AM

According to this video, https://www.facebook.com/cnbccrypto/videos/1688689147880991/

Bitcoin is considered as property and therefore whenever you sell your BTCto cash, there are two transactions. You first sell the property to cash value then what you gain from the sale is used as cash. These transactions are therefore taxable.

For HODLers, if you cash out it in less than a year then it would be considered as income so theres tax for that. If you hodl for more than a year, then IRS will consider it as 20% capital gains.

Bitcoin is indeed, an asset and a property according to the Banko Sentral ng Pilipinas (Central Bank). A friend of mine interviewed a group of lawyers at our Central Bank and they viewed bitcoin, not as a currency but as a property. Therefore, bitcoin is not subject to legal tender since the country does not view it as a currency. Though it may be different from other countries as well, bitcoin can be regarded as a property due to its amount and value to the market.

Quote from: QuynhVu2302 on April 12, 2018, 09:58:32 AM

I suppose for bitcoin being a property is also a sensible thing. Because if bitcoin is an asset, its value will be determined by the law of supply and demand, and if it is currency, it will be subject to many legal frameworks of government.

Bitcoin cannot be a currency yet, as the government should accept its existence and view at as a standard medium of exchange in the country. Other countries must also confer to this stipulation as it may deemed worthless if exchanged to a country who does not see bitcoin as a currency. Though in the future, once we adapt to the digitalized form of payment, bitcoin can be seen as a gateway towards this ideal scenario of having electronic money.