Cryptocurrency and Taxes: How does taxation work on it?

Cryptocurrency and Taxes How does taxation work on it

Written by Taher Kameli & Shabnam Mahammadli Cryptocurrency is a digital representation of value that can serve as a medium of exchange, a unit of account, and a store of value.[1] Although often held for investment purposes, the IRS has acknowledged that cryptocurrency may also be used in a manner similar to “real” currency, namely, to pay for goods or services. However, as no country has recognized any cryptocurrency as a form of legal tender, the IRS does not allow taxpayers to treat cryptocurrency as real currency, such as the US Dollar and the Euro.[2] As a

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