The European Union’s Court of Justice on Thursday ruled that bitcoin, the virtual payment system that has shown promise and potential as an emerging currency, should be considered exempt from Value Added Tax under existing law. Swedish national David Hedqvist sought a ruling from the Swedish Revenue Law Commission to determine whether bitcoin should be subject to VAT. However, the Skatteverket, which is the Swedish Tax Authority, appealed the decision to the Hogsta forvaltningsdomstolen, Sweden’s Supreme Administrative Court.