Congressman Steve Stockman reveals Bitcoin bill plans

Wednesday 9 April 2014 00:12 CET | News

Congressman Steve Stockman plans to introduce the first regulation in the US legislation on virtual currencies, Forbes reports.

The Virtual Currency Tax Reform Act would authorize the Internal Revenue Service to treat virtual currencies as currency for federal tax purposes. According to the bill: “the classification of virtual currencies as property means that users would be required to pay capital gains tax on any transaction using the virtual currency based on any gain over the virtual currency’s value from the time of purchase”, the same source reports.

The IRS has already issued guidelines for virtual currencies, which stipulate that virtual currencies are to be treated as property for federal tax purposes, while capital gains need to be recorded and reported.

The congressman highlighted that the bill is intended not only to raise awareness, but also to build consensus across the Bitcoin community on virtual currency related government regulation.

Rep. Stockman is the first member of the US Congress to accept Bitcoin contributions.


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Keywords: Steve Stockman, bill, Bitcoin, regulation, virtual currency, crypto-currency, IRS
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce