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The U.S. tax the Bitcoin as a property but that will not be its end

The IRS, the Internal Revenue Service in the U.S. has made it clear in one of his FAQ that Bitcoin does not have the characteristics to be considered as currency, as it would take to make transactions or act as a store of value. Therefore, according to the institute, the it may be subject to payment of taxes, considering it a kind of property.
The example is explained as follows: if I buy an asset with Bitcoin, in turn, purchased at a dollar then that is now worth two dollars. In fact I had a gain of one dollar, to be taxed. Thus, the digital currency can not be treated legally and fiscally as a currency, but may be taxed in the U.S.

Bitcoins or dollars?

Bitcoins or dollars?

It seems that the era of easy money is over, at least in the States. However, the prices of Bitcoin have not been adversely affected by the communication of the IRS, closing at nearly $582 .
Truth to be told, the decision of the American Institute could be considered positive for two reasons: in fact recognizes the right of existence of Bitcoin in the U.S. and defines the regulatory framework  after years of absolute uncertainty  which had kept away many potential investors, who feared a few months ago that the U.S. authorities would have to outlaw the digital currency from time to time. We must then consider that the U.S. are not the main target market for this kind of money, but so far it has been more Asia oriented, including Japan and China. Lately however, the central bank in Beijing has discouraged its use by banning at the end of January the conversion of yuan to Bitcoin.

Bitcoins

Bitcoins

Other scandals on trading
Of course, it does not play in favor of the credibility of Bitcoin yet another scandal, related to a trading platform has been discussed. After the closure of Mt Gox, the largest trader of digital money, due to a maxi -theft in the Bitcoin network. Even the Canadian Flexcoin closed its portal a few weeks ago, because of the theft of 896 Bitcoins for a value of approximately $ 600,000. The same fate has befallen the Japanese Varcurex now, also another victim of hackers.

By +Nikos Kontorigas

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