Coin Centre Bill Could Loosen Cryptocurrency Taxation Policies and Pave Way for Mainstre…

Crypto asset taxation could be lengthening the long walk to crypto adoption in the United States. While the CFTC deems cryptocurrency as commodities, the Internal Revenues Service (IRS) classifies them as property. Hence, once an individual purchases any amount of digital currency, they are creating a taxable event. 

The outlook on the future of cryptocurrency taxation and adoption is however based on more theory than practice. What community participants fail to notice is just how difficult it would be for bitcoin to go mainstream. Especially if these seldom compliant participants are to comply with existing taxation laws. In fact, it is right to say that mainstream crypto adoption would turn out such a headache, of the current legislatures are anything to go by. 

Like-Kind Exchange Scenario 

Another problem is crypto adoption and usage seems so simple at face value. While on the other hand, cryptocurrency regards to even tiny investments are complex. Take for instance the loose…