10 Aug '13, 10pm

Bitcoin: Tax haven of the future

Stashing money in a Swiss bank account is so passé. Tomorrow’s tax havens could be fueled by new technology like Bitcoin and Litecoin — online currencies that can be used to purchase everything from coffee to illegal drugs. Continue Reading Text Size - + reset The problem for government coffers: There’s no mechanism to ensure that people who make money through such digital currency report the income to the IRS. (Previously on POLITICO: G-8 leaders issue declaration on corporate tax evasion ) In its fight against tax evasion, the U.S. is largely focused on shining a light into bank accounts held by Americans in other countries. But experts say the rise of Bitcoin, which doesn’t require a bank account, could force the U.S. to rethink its approach. “It has the potential to become a real problem for tax collectors because Bitcoins have all the traditional advantages of tax hav...

Full article: http://www.politico.com/story/2013/08/bitcoin-tax-haven-9...

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