While there are countries such as the UK where Bitcoin is widely supported by the government, and implemented into many parts of people’s daily lives, there are also places where the digital currency is seen as anything other than an actual currency.

Such is the example of the United States Government, which has been refraining from calling Bitcoin a currency. In fact, it’s not surprising that the world’s richest country when it comes down global finance has decided to define Bitcoin as a commodity. This comes as a response to the settlement between the Commodities and Futures Trading Commission with Coinflip, Inc., after the company’s CEO reportedly operated an exchange which sold Bitcoin without following the appropriate regulations defined for it.