Bitcoin judged commodity in Finland after failing money test

Bitcoin isn't real money – according to the central bank of Finland.

Bank officials said Monday the emerging digital currency doesn't meet the definition of a currency or electronic payment form. The bank ruled Bitcoin a commodity.

Bloomberg quoted Paeivi Heikkinen, head of oversight at the Bank of Finland in Helsinki, as saying, "Considering the definition of an official currency as set out in law, it’s not that. It’s also not a payment instrument, because the law stipulates that a payment instrument must have an issuer responsible for its operation. At this stage it’s more comparable to a commodity.”

Bloomberg reports other countries have already decided Bitcoin isn't a currency, including lawmakers in Norway. China has banned its use by lenders all together.

The U.S. Internal Revenue Service hasn't offered guidance yet on the new digital dollars. Despite no government acceptance, Texas Senate candidate Steve Stockman is accepting Bitcoin campaign donations.

Read more from Bloomberg.