The IRS’ latest cryptocurrency tax guidance shows it still doesn’t get it

I just came across this bit of news about the IRS issuing its cryptocurrency tax guidance.  

For purposes of tax, cryptocurrencies are deemed to be property and not currency. The whole thing looks so complicated and cumbersome. This will certainly discourage mass adoption of cryptocurrencies because it discourages casual spending. Managing tax in the US has become even more burdensome.  

I am glad I am not an American.  

Making tax management so burdensome may encourage Americans to invest in cryptocurrencies using offshore companies, now that forming offshore companies and opening offshore bank accounts have been made much easier through, for example, the selfkey wallet. (https://selfkey.org) 

Source of shared Link

---