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RE: Accepting BTC and SBD as Payment in the US - Legal Considerations - FinCEN 2014 Ruling Regarding Virtual Currency Payment System

in #business8 years ago

Thanks, it's best that you DO share your findings as you said, because "ignorance of the law is no excuse".. I hope people won't get in trouble simply "for accepting" SBD (many places accept Bitcoin already) - but not reporting income is what gets people in trouble. Digital currency is still taxable when converted to USD I'm sure. And sales tax will always be an issue at the local lever as well.
Hopefully what happened in the 90's will happen here however. Throughout Bill Clinton's terms he advocated for a "moratorium on taxation" of internet purchases because it was such a new technology and it was better for the economy to let it develop unhindered. Today, we can only hope...

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