IRS Must Clarify Cryptocurrency Reporting Rules

Law360 (September 26, 2019, 4:44 PM EDT) -- The world of cryptocurrency is like the Wild West. Pioneers are exploring new territories, and the rules to live by are limited. In some cases, the outlaws are taking advantage of cryptocurrency to skirt taxes, launder money or engage in other criminal endeavors.

Initially, the main appeal of cryptocurrencies was their lack of regulation. But that’s changing. To gain control, governments around the globe are taking action. Countries including Bangladesh, Bolivia, China, Ecuador, Kyrgyzstan, Morocco and Nepal are making dramatic moves, prohibiting the trading of Bitcoin and other cryptocurrencies.

Other countries are taking action to ensure they can collect taxes from...

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