The Cryptocurrency Tax Fairness Act was introduced in Congress today.

[smartbitcoininvestor]

So, the Cryptocurrency Tax Fairness Act was introduced in Congress today (September 7th, 2017). The proposed bill will make it much easier to use Bitcoin to pay for every day goods and services.

https://coincenter.org/entry/reps-polis-schweikert-introduce-cryptocurrency-tax-fairness-act-in-congress

"...the Cryptocurrency Tax Fairness Act would.... require the Treasury Department to issue guidelines for informational reporting on digital currency transactions for which capital gains is due..."

This is the first time a bill has been introduced in Congress to encourage cryptocurrency’s use and, if successful, would mark a huge stepping stone for the widespread adoption of Bitcoin in businesses all over the United States.

[yugyug]

Bitcoin flowing to the Blockchain is anonymous, but bitcoin transaction from user to market and vice versa should be transparent and taxation of bitcoin and other cryptocurrency makes a healhty market and could become a widely applicable to the masses and Bitcoin becomes stronger.

[GreenBits]

Bitcoin flowing to the Blockchain is anonymous, but bitcoin transaction from user to market and vice versa should be transparent and taxation of bitcoin and other cryptocurrency makes a healhty market and could become a widely applicable to the masses and Bitcoin becomes stronger.

They would pretty much have to outlaw peer to peer BTC to Fiat transactions, and only allow accredited exchanges to handle these conversions. This would also require every exchange to conduct complete AML/KYC, even if the user trades under the established daily transaction limit (2-2.5k, varies per exchange).

This will just make folks switch to the truly anon cryptos. The technology is already well beyond the level of regulation.

[davis196]

So, the Cryptocurrency Tax Fairness Act was introduced in Congress today (September 7th, 2017). The proposed bill will make it much easier to use Bitcoin to pay for every day goods and services.

https://coincenter.org/entry/reps-polis-schweikert-introduce-cryptocurrency-tax-fairness-act-in-congress

"...the Cryptocurrency Tax Fairness Act would.... require the Treasury Department to issue guidelines for informational reporting on digital currency transactions for which capital gains is due..."

This is the first time a bill has been introduced in Congress to encourage cryptocurrency’s use and, if successful, would mark a huge stepping stone for the widespread adoption of Bitcoin in businesses all over the United States.

I don`t think this will make it easier to use bitcoin for day to day purchases,all they want to make it easier is to force bitcoin users and merchants to pay taxes.The US dollar is going down,and they want to reduce capital export,just like China.This isn`t encouraging  cryptocurrency`s use,it`s regulating it.They should call it Tax Unfairness act,not tax fairness act.

[SUDARMONO]

this is very good news for bitcoin users, I think that's a very good step, hopefully bitcoin is getting better in the future as well as more and more countries that follow the steps like united states especially my country that is indonesia, i think this news is very exciting.