The US tax service decided to recognize Bitcoin and tax the crypto-currency. It is interesting to note that Bitcoin will be taxed as property not a currency. It seems like Bitcoin has got a dual and ambiguous nature.
Apparently, for those who use this currency daily, this is negative news. From now on, those who gain Bitcoins will have to pay the tax on capital gains and maybe some other taxes.
Apparently experts expect a natural outcome of such legal changes. The biggest one is a natural decline in the amount of daily transactions within the framework of the Bitcoin system. At the same time, experts believe that the step was made to try to control and regulate the new and uncontrolled digital currency.
There are even some doomsday predictions made by pessimists. They say that despite the fact that the crypto-currency wasn't banned, it is now falling under tougher control and therefore may gradually lose popularity among online users and even cease to exist while people can go back to conventional means of payment.
At the same time, other experts say that there is still a chance of creating a black currency market online. This is what the US tax authorities and experts are afraid of. Indeed, this may well be a natural response to the latest changes.
At the same time, Bitcoin miners may well face some new challenges in the near future as well. According to the new legislation, they will have to inform the US tax service about the Bitcoins mine during a certain reporting period. They will be obliged to calculate the price of the mined Bitcoins at the market price of the moment they were mined.
Meanwhile, the reaction to the bad news looks quite natural. The crypto-currency is losing value, Masterforex-V Academy reports. As of today, March 27th, Bitcoin is trading around $579,50 per 1BTC. The bias is bullish, therefore the decline may well continue in the near future amid lower interest in the currency caused by the mentioned regulation changes.
