A change in the tax rules could avoid double taxation currently found with some crypto activity.
Eight congressmen want the IRS to start providing clarity, and leniency, on crypto answers that they haven’t fully addressed yet.
The next six months are going to see a flurry of activity and this past week has continued to help refine the forward progress the industry is making.
The Internal Revenue Service has ordered California-based cryptocurrency exchange Coinbase to turn over records about one of its users.
IRS has already started going after crypto holders in an effort to get them to pay up, but a bill submitted to the House of Representatives could limit how much they could collect.
Dr. Craig stated that Bitcoin was never designed to circumvent legal financial obligations but to work within the system and function, in many ways, as a currency.
Australia and several other major companies are making moves to get their cut of cryptocurrency profits.
: The Canada Revenue Agency have sent out a 13 page questionnaire, hoping to find out more about Canadian crypto investors, and what money they may be hiding.
To help cannabis companies with their banking problems, California has proposed allowing them pay taxes with crypto.
The Guangdong Municipal Taxation Bureau announced its intents to implement an electronic invoice platform for the e-commerce industry based on the blockchain.
Although the Petro still has no clear definition, users of the crypto are going to have to dig deeper into their digital wallets, as the country is imposing a significant tax on all transactions.