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In Finland Bitcoin Receives a Commodity Designation

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The Bank of Finland has classified Bitcoin has a digital commodity instead of a currency. The virtual currency doe not comply with the stated definition of a currency in the nation’s banking laws. Bitcoin doesn’t fit the payment criteria of a currency from Finland’s standpoint, which requires an issuer to be responsible for the operations of a currency. The classification will serve as a legal guidance for financial purposes. Bitcoin can still be used to access goods and services, but the risk will be on citizens since the digital currency will not be recognized as a form of currency by the nations’ banks.