Coinbase, a popular crytocurrency exchange is order to submit records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the US government’s requirements.

For each account, the company has been asked to provide the IRS with the user’s name, birth date, address, and taxpayer ID, along with records of all account activity and any associated account statements. The result is both a definitive link to the user’s identity and a comprehensive record of everything they’ve done with their Coinbase account, including other accounts to which they’ve sent money.

This is probably the first as the taxman is not going cramp down on such activity. Prices of Crytocurrency dipped when the exchange went on system maintenance. Will other country follow suit ?

Comment below

By Harry