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Crypto Causing a Tax 'Nightmare,' Expert Tells Congress

Saturday, Mar 07 2020
Regulatory
Written by  FinTech News Brief Staff

Cryptocurrency is causing a tax “nightmare,” said an expert testifying before Congress during the recent “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” meeting. So reports Cointelegraph.

capitol 720677 640smallMarvin Ammori, a member of the Protocol Labs General Council, said some of the complications arise from the need to keep track of the value of bitcoin, for example, at the exact time of each transaction made with the cryptocurrency. One solution he proposed was a de minimis tax exemption, like one included in the Virtual Currency Tax Fairness Act.

Read the full article from Cointelegraph.

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