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Every American who spends #البيتكوين is technically breaking the law. Today, that may start to change.
The Bitcoin Policy Institute is bringing Coinbase, River, and Block to the U.S. Congress to push for a small tax exemption for simple Bitcoin transactions.
Currently, buying a cup of coffee with Bitcoin is a taxable event. You have to calculate the purchase cost, determine the profit or loss, and report it to the IRS. No one does this. The same exemption exists for foreign currencies, but it has not yet been applied to Bitcoin.
If accomplished, the U.S. government’s classification of Bitcoin will change. It will no longer be treated just as property or an asset, but will be recognized as an electronic currency...
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