TIL: cripto regulations

[timelets]

Japan and Switzerland have developed legal frameworks that have attracted cryptocurrency projects and investment. Facebook chose to incorporate the group that will govern Libra in Switzerland.
...
Under U.S. tax law, bitcoin users have to track the exact price paid for every bitcoin purchase, keep each one recorded separately, calculate the difference when they sell it and apply capital-gains rules. Even the purchase of a cup of coffee using bitcoin could trigger a capital-gains bill.

The rule “is so absurd people just aren’t doing it,” said James Foust, a researcher at the nonprofit advocacy group Coin Center.

https://www.wsj.com/articles/lawmakers-push-for-new-bitcoin-rules-11562405401

Comments

[juan_gandhi]

I'd love to see this rule applied to every cash purchase in foreign currency.

[timelets]

Fun stuff.