3 ms·
It's actually a validation of Bitcoin as another currency. What this (proposed/speculative) law says is that Bitcoin is equally valid as the Euro or Yen, and t
by chiph 14y ago
It's actually a validation of Bitcoin as another currency. What this (proposed/speculative) law says is that Bitcoin is equally valid as the Euro or Yen, and thus a "foreign currency holding" which must be reported.
- iaw 14y agoValidity of bitcoin as a currency is irrelevant. What is relevant is that a US citizen can possess a cash-equivalent that behaves in a fashion similar to foreign currencies or commodities. The tax law is pretty clear on investments and cash-equivalents, bitcoin is both without addressing a question of currency status.