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Tax Warning for Cryptocurrency Investors!


Since Bitcoin got launched to markets in 2019, it still makes it’s impact feel in 2019. While we’ve mentioned cryptocurrencies for the first time a couple of years ago, they’re still at the crosshairs of attention for many investors despite they lost their place on headlines a bit. While cryptocurrencies have been argued if they’re a currency or not an interesting news attracted the attention of curious people about cryptocurrencies. Internal Revenue Service (IRS) has started to send warning letters to cryptocurrency owners.

Letters of warning to 10 thousand people

IRS has sent warning letters to 10.000 cryptocurrency investors and still continues to send them accourding to news. IRS is warning cryptocurrency investors to pay their taxes on time and to pay them regularly. According to the information taken from some sources, administration will continue to send letters till August.

It’ll be sent to everyone who makes cryptocurrency transactions

IRS has stated in the press conference that letters of warning will be sent to 10.000 people who have been uncovered that they made cryptocurrency transactions. IRS Commission Member Charles Rettig warned cryptocurrency owners to take those warning letter seriously at the press conference right after the debates of cryptocurrencies. Rettig also said that they focus on to apply the laws and to help taxpayers, he told that IRS’s cryptocurrency studies will enlarge this field.

Confusing attitude

In recent days, US President Donald Trump made statements against cryptocurrencies like Facebook’s Libra. While Trump has commented about cryptocurrencies, he stated that cryptocurrencies are not actually a money. But, IRS has shown the attitude otherwise and to keep them objectifiable to tax attracted the backlashes of cryptocurrency investors.

What is the goal of this regulation? Does this regulation will affect cryptocurrency enthusiasts? How the backlash of cryptocurrency investors will happen? Continues on the news.

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