ISRAELI COURT RULES BITCOIN IS AN ASSET IN FEUD OVER TAX PAYMENT

May 22,2019 at 08:35 pm



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.


The Tax Authority, on the other hand, argued that bitcoin is not a currency but an asset, and therefore profits should be liable to CGT.