Internet Income? IRS Decides Bitcoins are Taxable Property, not Money

Abstract

With the increasing use of virtual currencies such as bitcoin, tax officials have started paying attention. Privacy and virtual identity specialist Niels Vandezande of the Interdisciplinary Centre for Law and ICT (ICRI) at the KU Leuven – University of Leuven explains the implications of the recent IRS ruling on Bitcoin in the US, arguing that it may undermine the core reasons such virtual currencies were created.