Many major Wall Street banks are trying to understand bitcoin, the virtual currency that has gained interest in the last few years, and how it could change the global payment system, say industry experts. “What we have learned is that many of the banks have individuals and teams now focused on getting to know bitcoin […]
Bitcoin “does not fall under the category of a currency” as defined by Japanese law and “generally speaking it is subject to taxation if it meets conditions laid out in income tax law, corporate tax law and sales tax law, among others”, the government statement said.If Bitcoin transactions were used for money laundering “that would […]
. Coinbase announces that Overstock.com has surpassed $1,000,000 of sales in bitcoin transactions. The charts below reflect 50 days of data following the launch of bitcoin on Overstock.com on January 9th. During this time, more than 4,000 customers made purchases with bitcoin on Overstock.com. The average order size for a bitcoin customer ($226) was 34% greater compared to customers paying […]
WHAT LARRY SUMMERS THINKS ABOUT BITCOIN — Morning Money sat down with former Treasury Secretary Larry Summers yesterday after he spoke at the National Association for Business Economics policy conference. You can watch the interview — where he addressed a range of issues including the Fed’s tapering strategy; whether Dodd-Frank is working; and if […]
The single silver lining here is that Americans that fell in this disaster will at least be able to use their losses to help lower their tax burdens. United States tax law allows capital gain losses to be rolled forward without a statute of limitation. Thus, your Bitcoin losses will be deductible forever until you’ve […]
The purpose of this document is to summarize a joint statement to the Bitcoin community regarding MtGox. This tragic violation of the trust of users of MtGox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and […]
So far, the Internal Revenue Service hasn’t ruled on or addressed such issues directly. An agency spokesman released the following statement: “The IRS continues to study virtual currencies and intends to provide some guidance on the tax consequences” of transactions involving them. The agency is also “aware of the potential tax compliance risks posed by […]
When Bitcoin first emerged in 2009, it quickly became the currency of choice for illicit, black market dealings that took place in the shadows of the Darknet. Relatively untraceable, it provided exactly the anonymity and international acceptance that underworld buyers and sellers needed to conduct business outside the watchful eye of law enforcement and taxing […]
Visa Inc. V and MasterCard Inc. MA, which processed $7.4 trillion in purchases last year, are among leading payments networks that devote thousands of words in filings to every perceived threat to their business. “Bitcoin” isn’t one of them.“I’m a bit skeptical,” said Discover Financial Services DFS Chief Executive Officer David Nelms, who runs the […]
Overstock.com, the Sacramento Kings and a few countries have all taken positions on what they will do with Bitcoins. The two major Bitcoin positions are treatment of it as property, as Singapore has recently adopted, or as currency, as Germany has chosen. Much has been written on the creation of the Bitcoin, and its rise […]