At present, although some governments agree that bitcoin has monetary property, most governments do not accept bitcoin as currency, but to define bitcoin as commodity.
The US Commodity Futures Trading Commission (CFTC) defines bitcoin as a commodity, the same as the gold crude.
The five ministries and commissions, such as the people's Bank of China, jointly issued the "notice on preventing the risk of bitcoin", prohibit financial institutions from intervening in bitcoin, but at the same time, "bitcoin is a particular kind of virtual commodity, and does not have the legal status equivalent to currency. It should not and should not be used as currency in the market." However, bitcoin transactions as a kind of Internet commodity trading behavior, ordinary people have the freedom to participate in the premise of their own risk.
The British customs and Taxation Administration (HMRC) thinks bitcoin is a currency, which is exempt from VAT from the special currency transactions. But governments such as Sweden and Germany have always believed that bitcoin should be treated as a commodity.
The European Court of Justice (European Court of Justice) finally decided that bitcoin should be treated as a currency instead of being regarded as a commodity, and that bitcoin did not have to pay VAT as a trade commodity.
Therefore, bitcoin is not an illegal product banned by the government, but a legitimate commodity and investment product approved by the government, or even currency.
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