26 Nov '14, 2pm

Senator Tom Coburn agrees that Bitcoin is not legal currency

Senator Tom Coburn agrees that Bitcoin is not legal currency

Thank you for writing to me to express your concerns about cryptocurrencies, such as bitcoin. I appreciate the opportunity to hear from you on this matter and share many of your concerns. The IRS recently announced its ruling that cryptocurrencies will be taxed at capital gains rates rather than ordinary tax rates, so there is no longer ambiguity surrounding its tax treatment. I understand your concerns with the potential use of cryptocurrencies in money-laundering activities. This risk is certainly a potential threat, particularly since transactions exceeding ten thousand dollars do not require disclosure to the Financial Crimes Enforcement Network. In terms of the Department of Treasury’s sole authority to produce currency, the definition of currency must be analyzed. Currency is legal tender recognized by the federal government. In other words, if the federal government...

Full article: http://news.yahoo.com/senator-tom-coburn-agrees-bitcoin-1...

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