Bitcoin Foundation Responds to IRS Tax Guidance on Bitcoin
Yesterday's news that the IRS has issued tax guidance on bitcoin has not surprisingly spurred debate on social media. The tax authority in the United States stated that bitcoin should be declared as property, not currency. Further, the tax guidance instructs users of the digital currency to pay capital gains where applicable, meaning that users could have to track every single one of their transactions in order to remain in compliance. Chiming in is the Bitcoin Foundation. The Foundation released a statement on Wednesday declaring the IRS notice "unnecessarily cumbersome"' to users of....
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