Today is the deadline for U.S. citizens to pay their taxes. What should they know about crypto taxation?
It is hard to define cryptocurrency taxes, because there is a lot of controversy surrounding it today. Society still has no consensus even on whether digital currencies are a property or a currency, and that triggers a huge difference in taxation procedure. The speed of exchange rate flows makes it impossible to establish a taxation time period equally suitable for everyone. Also, there are a lot of cryptocurrencies that were particularly designed to protect user’s anonymity and their protocols wouldn’t allow any government to tax it.
As cryptocurrency market is growing, and its sheer dollar value makes it more likely to catch an attention of regulators. Cryptocurrencies are also a great way of money laundering, so no government will be able to ignore the subject. Today there are a lot of news about new cryptocurrency taxes laws and it looks like there will be more over time.
- Self-Proclaimed Satoshi Craig Wright Sues Podcaster Peter McCormack for Alleged Libel
- Bitcoin Hovers Over $5,250 as Top Oil Futures See Slight Uptrend
- FinCEN Takes First Enforcement Action Against P2P Cryptocurrency Exchanger
- SBI Holdings: Bitcoin Cash Removal Amid Bitcoin SV Delistings Was Coincidence
- Coinbase’s 2018 Revenue Is 60% Less Than Projected by the Firm: Report