comments.ga@coleg.gov In addition to prevailing economic uncertainty, many institutional investors are dipping their toes into the cryptocurrency, and even PayPal began offering customers the ability to buy Bitcoin late last year. A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring. Unlike physical money, cryptocurrencies are decentralized, which means they are not issued by governments or other financial institutions. For federal tax purposes, digital assets are treated as property. General tax principles applicable to property transactions apply to transactions using digital assets. You may be required to report your digital asset activity on your tax return.
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