US tax agency may confiscate cryptocurrencies
The Internal Revenue Service could have these powers in the case of people who have tax debts
The US Internal Revenue Service (IRS) could confiscate the cryptocurrency possessions of those with tax debts, according to various government sources.
Through a conference organized by the American Bar Association, the deputy director of the Council of Procedure and Administration Robert Wearing indicated that these types of assets may be taken by the government as they are considered property.
Wearing stated that “the IRS will retain that property and will try to follow the usual processes to sell it” in order to collect the debt.
On the other hand, the agency would have asked TaxBit to work on the provision of a support service for data analysis and tax calculations on cryptocurrencies.
“This is a milestone for the cryptocurrency industry as it indicates that regulators embrace these assets in a way that they can ensure they adhere to existing regulations”, said Austin Woodward, co-founder and CEO of TaxBit.
K. Tovar
Source: agencies
