29 Nov '16, 6pm

IRS Wants to Identify Bitcoin Users, Spy Into Coinbase Records

The IRS is looking for tax money wherever it can, but is finding that it's not so easy in the world of virtual currency. Bitcoin, a digital currency targeted by taxing authorities, is still safe at Coinbase, the nation's largest exchanger of the crypto-currency. The IRS recently served a summons for information about Coinbase users , but the company is expected to oppose the request. The IRS claims that two people used exchanger to avoid taxes, and it has asked for information to identify all Coinbase customers from 2013 to 2015. No Fishing Here "We want to work with law enforcement -- that's generally our policy," said Juan Juarez, head legal counsel for Coinbase. "But we can't tolerate sweeping fishing expeditions. We are very concerned about the financial privacy rights of our customers." The summons emanates from a "John Doe" petition filed by the IRS in U.S. District ...

Full article: http://blogs.findlaw.com/technologist/2016/11/irs-wants-t...

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