Money is categorized as a commodity

The virtual currency, Bitcoin, is now officially categorized as a commodity, just like oil or flour.

This decision was taken by the Commodity Trading Committee, which on the other hand also announces that it has filed a lawsuit against Bitcoin Exchange for facilitating the possibility of exchange on the online platform. Triggered by the lawsuit, this committee found that Bitcoin and all other virtual currencies do in fact meet every criterion of being a commodity.

The virtual currency now officially falls under the jurisdiction of this committee. For a long time now, in the markets, the debate over the categorization of Bitcoin has been in focus. The implications of this decision, on the other hand, are numerous. The exchange of virtual currency and any other action, will enter the regulators of this agency. In cases of misconduct, such as tampering, the committee will be able to press charges against the culprits.

Even if a company wants to operate through a Bitcoin exchange platform, it will have to be officially registered. Coinflip, which is also the company against which the allegations were made, is among the only ones in the market that offer Bitcoin derivatives exchanges. /Telegraph/