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Britain is reviewing the tax treatment of Bitcoin, a virtual currency that governments fear can be used for tax evasion and money laundering.
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The review comes as tax authorities around the world seek to capture revenues from Bitcoin and minimise risks of tax avoidance and evasion. The value of the world’s stock of Bitcoin has risen from $150m to $10bn over the past year, adding urgency to regulators’ efforts to clarify its status.
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In the UK, the Revenue said one option was to reclassify Bitcoin as private money, as Germany has done. That would limit the VAT on transactions to only the commission charged by trading exchanges.
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Richard Asquith, head of tax at TMF, an advisory group, said he expected the debate to move towards giving Bitcoins the same status as gold, which has been exempt from VAT since 2000.....

The true identity of the inventor of Bitcoin remains the subject of speculation among aficionados of the virtual currency. But one thing we know for sure is that Satoshi Nakamoto is an extremely clever person. Not only did he or she devise the unalterable algorithm that mints the currency automatically – an impressive feat of technological prowess. Nakamoto also understood something fundamental about money. Holding and using it involves a leap of faith. You must trust that it will not be manipulated by the government.

Nonetheless, Nakamoto missed a crucial point. A good currency must hold its value over long periods. It must also be readily exchangeable for the goods and services that people actually want. Combining those two functions in a single instrument requires a delicate balance. If issuance is too tight, there is not enough money moving around to meet the payment needs of the economy. This can lead to deflation and recession. Yet if too much money is issued the result will be inflation, which erodes the currency’s value. This is the dilemma that “private money”, the creation of banks rather than government authorities, has never been able to solve. Nor have money regimes based on commodities, such as the gold standard.