US Court Rules Coinbase Exchange Must Surrender Bitcoin User Details to IRS
- Coinbase is still expected to fight the IRS' broad and overreaching demands in the American justice system.
In less than two weeks after we first learned that the US government is seeking all the information Coinbase collected on its clients in the country, the court has ruled in favor of the IRS' (Internal Revenue Service) demands. On Wednesday (November 30th) the federal judge presiding over the case decided that the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum exchange needs to surrender its user data for 2013-2015 to the American tax agency.
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Despite this, Coinbase is not expected to comply any time soon. It promised its clients that it would fight for their privacy rights, and there are still higher appeals procedures in the American justice system that it can turn to. Needless to say, this sets a precedent that will serve to chill bitcoin services in the US. And if Coinbase is eventually forced to transfer user data, anyone who is interested in keeping his financial affairs private will probably try to avoid American exchanges and other bitcoin service providers.
As previously reported, the IRS took this step after it found just three cases where people allegedly tried to dodge paying taxes using Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, and only two of these were even Coinbase clients. Last week we turned to an experienced cryptocurrency expert that says that the IRS needs to update its tax guidelines so that cryptocurrency users can even report their gains and losses. Computer engineer and the CEO of Node40, Perry Woodin, identifies the problems with the current system which led to users being investigated and poses a two-fold solution to this problem.
In less than two weeks after we first learned that the US government is seeking all the information Coinbase collected on its clients in the country, the court has ruled in favor of the IRS' (Internal Revenue Service) demands. On Wednesday (November 30th) the federal judge presiding over the case decided that the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum exchange needs to surrender its user data for 2013-2015 to the American tax agency.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
Despite this, Coinbase is not expected to comply any time soon. It promised its clients that it would fight for their privacy rights, and there are still higher appeals procedures in the American justice system that it can turn to. Needless to say, this sets a precedent that will serve to chill bitcoin services in the US. And if Coinbase is eventually forced to transfer user data, anyone who is interested in keeping his financial affairs private will probably try to avoid American exchanges and other bitcoin service providers.
As previously reported, the IRS took this step after it found just three cases where people allegedly tried to dodge paying taxes using Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, and only two of these were even Coinbase clients. Last week we turned to an experienced cryptocurrency expert that says that the IRS needs to update its tax guidelines so that cryptocurrency users can even report their gains and losses. Computer engineer and the CEO of Node40, Perry Woodin, identifies the problems with the current system which led to users being investigated and poses a two-fold solution to this problem.