Analysis of News relating to the Digital Money Ecosystem

The Classification of Bitcoin and Cryptocurrency by the IRS - CPAPracticeAdvisor.com

12/11/2017 Link to source

The Classification of Bitcoin and Cryptocurrency by the IRS In 2014, after many years of speculation, the Internal Revenue Service (IRS) issued guidance in Notice 2014-21 that classified cryptocurrency as property[1], not currency, for federal income tax purposes. But according to the requirements of the ...

Context

	Inland Revenue Service (IRS) Irs is a regulatory body operating in USA
	Virtual Currency Virtual currencies, also known as crypto currencies are a form of digital means of value transfer.
	Virtual Currency Virtual currency differs from electronic money as the currency has no physical counterpart with legal tender status. The schemes, of which Bitcoin is the most well known are generally based on a peer-to-peer network.
	IRS IRS is a regulatory body operating in USA
	Bitcoin Foundation The Bitcoin Foundation was launched in September 2012 to accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol.
	Bitcoin Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority.
	Cryptocurrency Cryptocurrency is the term used to refer to virtual currencies such as Bitcoin.
	Foreign Exchange This describes Currency and Foreign Exchange related topics
	Tax This topic discusses the tax related requirements for the various lines of business.
	Bitcoin Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collect

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