RATE Group | IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks
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IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks

16 Nov IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks

Posted at 18:45h in Bitcoin News by

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United States Internal Revenue Service (IRS) Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin (BTC) ATMs and kiosks.

According to Bloomberg Law on Nov. 15, Fort said that the IRS is collaborating with law enforcement to investigate illicit uses of new technologies like cryptocurrencies, stating:

“We’re looking at those, and the ones that may or may not be connected to bank accounts […] In other words, if you can walk in, put cash in and get bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.”

A widespread service

According to Coin ATM Radar, there are 4,129 Bitcoin ATMs and tellers in the United States that enable users to buy and/or sell cryptocurrencies in exchange for a fee. Bloomberg claims that there is one such machine in every major U.S. city. Fort explained that such services are required to…

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