Following the G-20 declaration on cryptocurrency during their meeting last week in Argentina, the President of the Atlanta Federal Reserve Bank has also stated that cryptocurrency is not currency.
The cryptocurrency startup Coinbase launched a new gain/loss tax calculator for its U.S. Customers to keep track of the tax requirements.
Bitcoin Investors and other Cryptocurrency investors based in the US have not disclosed their profits or losses to the tax organizations. Only about 0.04% have reported their losses and gains to the IRS.
As many people turn their assets into digital currencies, the US government, though its Internal Revenue Service (IRS), is considering getting its fair share from cryptocurrency investors by tracking down crypto tax evaders.
The Harvard economics professors believe government regulations will change the course of Bitcoin, ultimately destroying cryptocurrencies.
Cryptocurrency exchange Coinbase has been ordered by the San-Francisco district court to disclose details of more than 14,000 customers to the U.S. Internal Revenue Service (IRS)
Coinbase has been on a legal battle with IRS in its decision to protect its users information.