Bitcoin could be considered legal tender, Australian tax official says

Cryptocurrency could be legitimised through legislation, as countries around the world grapple with how to treat virtual income
The Australian tax commissioner has left open the possibility that the digital payment system bitcoin could be considered legal tender in Australia.
Bitcoin has been described as a type of ‘virtual currency’ where users can pay for goods and services, and can even create their own bitcoins to generate more currency.
But countries around the world have continued to grapple with whether bitcoin could be considered currency or some other form of personal property.

This post was published at The Guardian on 29 August 2014 06.17 BST.