Ongoing trends of Virtual Currency Market by top key players like Coinbase, Elliptic, CoinJar …

Ongoing trends of Virtual Currency Market by top key players like Coinbase, Elliptic, CoinJar, GoCoin, Unicoin, Ripple, Bitpay, Safello, Xapo, Milli pay …

Virtual currency, or virtual money, is a type of unregulated digital currency, which is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. Virtual currency exists in the virtual world, these currencies are used to purchase real-world services and goods, but do not have a valid tender. Virtual currency is also called as digital cash. Virtual currencies have been called “closed” or “fictional currency” when they have no official connection to the real economy. Nowadays Virtual currency is demanded across the globe. publicizes a new report titled as Virtual Currency Market into its massive depository of reports. The circulation converses about the modest drivers that are impelling the development of the business and the troubles rising against the market by large. It also includes the crucial outlines that are trending in the market. The report has been examined with the contribution of the industry experts. Mentioning about the growth drivers and restraints that offered a thorough segmentation of the market, which probes into the competitive landscape. It impacts on the market-leading meticulous tools to comprehend the predictions and downsides that is piled up for the players

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Top key players:

Coinbase, Elliptic, CoinJar, GoCoin, Unicoin, Ripple, Bitpay, Safello, Xapo, Milli pay systems

Virtual Currency Market Segment by Regions, regional analysis covers

North America (United States, Canada and Mexico)

Europe (Germany, France, UK, Russia and Italy)

Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

South America (Brazil, Argentina, Colombia)

Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

The report also creates a clear picture of the various factors that will drive the global Virtual Currency Market in the years to come. In order to help companies spot potential threats and to give them a clear picture of the opportunities that exist in the market, the report offers a SWOT analysis of the global market. For the purpose of the study, market analysts have employed rigorous primary and secondary research techniques. This makes the analyses and forecasts more accurate and helps analysts to examine the market from a broader perspective.

The report is an all-inclusive research study of the global Virtual Currency market taking into account the growth factors, recent trends, developments, opportunities, and competitive landscape. The market analysts and researchers have done extensive analysis of the global Virtual Currency market with the help of research methodologies such as PESTLE and Porter’s Five Forces analysis.

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The Report Answers Following Important Questions:

* What is the current CAGR of the Global Virtual Currency Market?

* Which product is expected to show the highest market growth?

* Which application is projected to gain a share of the global market?

* Which region is foretold to create the most number of opportunities in the global market?

* Will there be any changes in market competition during the forecast period from 2019 to 2025?

* Which are the top players currently operating in the global market?

* How will the market situation change in the coming years?

* What are the common business tactics adopted by players?

* What is the growth outlook of the market?

On The basis Of Type, the Global Virtual Currency Market is segmented into







On The basis Of Application, the Global Virtual Currency Market is segmented into

Telecomelecom and IT

Mediaedia and entertainment



Travel and hospitality

Transportation and logistics

Energy and utility

Peer to peer payment

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Table of Content:

Chapter 1 Virtual Currency Market Overview

Chapter 2 Global Market Competition by Manufacturers

Chapter 3 Global Virtual Currency Production Market Share by Regions

Chapter 4 Global Market Consumption by Regions

Chapter 5 Global Virtual Currency Production, Revenue, Price Trend by Type

Chapter 6 Global Market Analysis by Applications

Chapter 7 Company Profiles and Key Figures in Virtual Currency Business

Chapter 8 Market Manufacturing Cost Analysis

Chapter 9 Conclusion of the Global Virtual Currency Market Professional Survey Report 2019

Chapter 10 To be continue…

In conclusion, the Virtual Currency Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation.

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Global Marketers is a research hub to meet the syndicate, custom and consulting research needs. Our company excels in catering to the research requirements of commercial, industrial and all other business enterprises.

Our huge database with up-to-date and latest information will definitely help the businesses in planning and shaping their business strategies. Accurate market analysis backed by comprehensive research methodology will drive the growth of an industry. Our company offers the wide variety of research reports related to chemical, technology, healthcare, automobile and various other sectors.

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Individuals Should Not Rely on Insurance to Protect Their Cryptocurrency Holdings

Many individuals and businesses hold some amount of cryptocurrency. According to a recent survey, nearly 10 percent of Americans have invested in …

By Michael Menapace, Esq.

Michael Menapace

Many individuals and businesses hold some amount of cryptocurrency. According to a recent survey, nearly 10 percent of Americans have invested in cryptocurrency since the first Bitcoin was “mined” in 2009. And, along with the rise in prevalence of virtual currencies in recent years has come a surge in cryptocurrency theft, with one Ponzi scheme defrauding cryptocurrency investors out of $2.9 billion dollars in 2019. Those who invest in, use, and hold cryptocurrency should protect their assets. While individuals can purchase insurance to protect themselves if certain types of assets are destroyed or stolen, such as a house, car, or personal property, individuals may have difficulty obtaining coverage for their cryptocurrency.

Bitcoin is just one cryptocurrency built on the technology called the blockchain. Other virtual currencies include Ethereum, Ripple, Litecoin, Monero, and ZCash.

Homeowner’s insurance protects an insured against the loss of certain property. For example, if a thief breaks into your home and steals your television, that loss will likely be a covered loss of property under a standard homeowner’s policy. For an overview of what homeowners insurance typically covers, see here.

Is theft of cryptocurrency covered under homeowners insurance?

Getty Images

But, is an owner of cryptocurrency insured if a thief hacks their computer and steals virtual currency? Part of the answer relates to the question – what is cryptocurrency? Are these virtual currencies a security, money, property, a commodity, or something else? As discussed below, it seems unlikely, and inappropriate, for the loss of cryptocurrency to be a covered loss under a homeowners policy.

The Securities and Exchange Commission takes the position that cryptocurrency is, or at least can be, a “security” and cautions that “issuers [of virtual currencies] cannot avoid the federal securities laws just by labeling their product a cryptocurrency or a digital token.” On the other hand, the IRS has issued Notice 2014-21, identifying cryptocurrency as “property” for federal income tax purposes. Still a third possibility is that cryptocurrency, which can be used to purchase goods and services, is properly classified as money.

As the above demonstrates, the same word, or virtual product, can have different meanings depending on the context. Here, we are considering how cryptocurrency is interpreted under an insurance policy. There does not seem to be any reason why cryptocurrency must be treated as the same thing by the SEC, IRS and insurers. Therefore, the pronouncements of the SEC or IRS should be only of limited assistance.

A common homeowners insurance policy states that the insurer will cover the loss of the insured’s dwelling, other structures, and personal property. Crytocurrency is clearly not a dwelling or structure, so the question is whether cryptocurrency is “property” in the general sense because homeowners policies often protect against the loss of property. Beyond the IRS guidance discussed above, there is authority for the position that cryptocurrency is property. For example, an Ohio state trial court held that cryptocurrency was property covered by a homeowners policy. That ruling is discussed further below.

Not all homeowners policies are the same

Even if cryptocurrency is property in a general way, however, the insurance analysis does not end there because not all property is treated equally under a homeowners policy. For example, coverage for the loss of personal property often has a $200 sublimit for “money, bank notes, bullion, gold and [other precious metals], coins, medals, scrip, stored value cards and smart cards.” Likewise, a homeowners policy may have a sublimit of $1,500 for “securities, accounts, deeds, letters, of credit, notes other than bank notes, . . . tickets and stamps.” When considering these common sublimits, is it more appropriate to apply the $200 limit for money or the $1,500 limit for those items akin to securities? At least for some cryptocurrencies, like Bitcoin, an analogy to money seems more appropriate because Bitcoin is specifically designed to be an alternative to traditional currency. Considering an individual’s ownership of Bitcoin a security does not seem to make sense. After all, when one thinks of a person owning a security, such as a share of stock in Acme Corp, the comparisons with Bitcoin are thin.

Beyond the issue of whether cryptocurrency is insured generic property, money, or a security, there is another fundamental issue to consider under a homeowners policy. The insuring agreement in many homeowners policies states that personal property is insured for “direct physical loss to the property described” such loss from vandalism or theft. Because cryptocurrency is a virtual currency, there is nothing to physically lose or destroy. What is lost or destroyed is the record of ownership or the “key” to demonstrate ownership of the currency. Cash can be burden by fire – not so for a currency that never exists physically. A policyholder would have a difficult time explaining how the plain meaning of “direct physical loss” is met when the virtual currency is stolen.

A couple cautionary notes are required for this discussion. First, not all homeowners policies are the same. The terms and conditions of each policy will control; therefore, a generalized discussion about homeowners policies is just that – general. For example, some policies treat money and securities the same, which could change or eliminate the need for the above analysis.

Is cryptocurrency considered property under a homeowners policy

Second, individuals should not take too much comfort in the one reported decision on cryptocurrency as property under a homeowners policy. In the Kimmelman v. Wayne Insurance Group decision from an Ohio trial court, the court ruled that cryptocurrency was generic property, not money, and the policy’s $200 sublimit did not apply. Whether this decision is persuasive in other courts remains to be seen, but there are reasons why it should not. The Ohio court did not provide a fulsome analysis of the issues, which limits its usefulness. For example, there is no discussion on whether the policy’s submits for electronic funds or securities should apply. In addition, the policy language is at issue in that it was drafted in 1999, years before cryptocurrencies were invented. Newer policy language may not be the same. Finally, the court relied heavily on the IRS guidance mentioned above, which states that cryptocurrencies are treated as property. But that IRS guidance also states that cryptocurrency is treated as property “for income tax purposes.” While IRS guidance on tax issues is persuasive, that guidance should have no impact on how insurance contracts should be interpreted.

The court was also persuaded that Bitcoin was general property, not money, because it could be exchanged for money, i.e. it is a convertible virtual currency. But that rationale doesn’t explain that various forms of currency are converted to other kinds of currency all the time, e.g. Euros are converted into dollars. Indeed, Bitcoin was originally conceived as a currency “akin to cash” by Satoshi Nakkamoto in his whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System. And outlets such as the Wall Street Journal report Bitcoin value under “Currencies” with the Euro, U.S. Dollar, the Japanese Yen, etc., not under Stocks, Bonds or Commodities. No one would argue that the Yen is not money but is property that can be converted into U.S. Dollars.

It also bears a mention that the focus on Bitcoin, even if the Ohio decision were correct, does not necessarily apply to other cryptocurrency platforms that have different purposes from Bitcoin. For example, Ethereum was created for a different purpose from Bitcoin. Ethereum, while it has a value associated with its coins/tokens, its original and fundamental purpose included providing a platform where one can build out new applications rather than simply being a substitute for traditional currency. (For an explanation of the different types of cryptocurrencies, see this tutorial (last updated Jan. 2020)). In all, I believe that Kimmelman was wrongly decided or, at least, of limited persuasive value that other courts should not find persuasive.

What Can Individuals Do?

The bottom line is that individuals should not rely on their homeowners policies to protect them from the loss of cryptocurrencies. Commercial entities, in contrast, can buy crime policies or cyber insurance policies, which are largely unavailable to private individuals. What can individuals do? They must take proactive steps to protect themselves rather than relying on someone compensate them if their assets are lost or stolen.

For example, if an individual is using “hot” storage for their Bitcoin, i.e. having the virtual currency accessible online, the currency is vulnerable to theft by hacking or ransomware attack. The owner might consider, therefore, having a commercial third party hold the virtual token or coin in its digital wallet for the individual. That commercial entity can be insured under a crime or cyber policy. If the individual is using “cold” storage, e.g. storing the currency offline on a flash drive, the cold storage is vulnerable to physical destruction or old-fashioned theft. In that case, the individual should secure the flash drive from theft and physical description by keeping it in a fire-proof safe. Frankly, these are precautions that individuals should be taking even if the risk of loss were covered by a homeowners policy. But, until coverage for cybercurrency for individuals is widely available under a homeowners policy, owners would be wise to take steps to protect their digital assets from bad actors and physical accidents.

Michael Menapace is a Non-Resident Scholar of the Insurance Information Institute, a partner at Wiggin and Dana LLP, and a professor of Insurance Law at the Quinnipiac University School of Law.

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A Beginners Guide to State-Issued Cryptocurrency and Central Bank Digital Currency (CBDC)

Over the past couple of years, there has been a lot being said about “cryptocurrencies” and “blockchain” being a game-changer. But the majority of the …

What are Cryptocurrencies?

Over the past couple of years, there has been a lot being said about “cryptocurrencies” and “blockchain” being a game-changer. But the majority of the common public today still has little to no knowledge about what these terms mean. According to Wikipedia, “A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to

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secure financial transactions, control the creation of additional units, and verify the transfer of assets”. In simpler terms, cryptocurrencies are a form of encrypted virtual currency where encryption helps provide more secure and faster transactions.

The technology on which this currency is based is called blockchain technology. Blockchain is a chain of encrypted units called blocks. These blocks store all the records of all the programs or transactions that are executed using the blockchain.

The credit for the first blockchain and cryptocurrency goes to Satoshi Nakamoto, a pseudonym for a single or a group of developers responsible for creation on Bitcoin. Bitcoin was the first cryptocurrency created and as a part of its implementation, the first blockchain was also created.


Pros And Cons of Cryptocurrencies

Ever since Bitcoin was released, there has been the release of a lot more variants of cryptocurrencies and blockchains which has led to an increasing call for these cryptocurrencies replacing the fiat currency due to the numerous advantages they offer over the existing system like:

  • Decentralized systems increase privacy and safety.
  • Decentralized systems also reduce the control of any single entity like a government or a central bank can have over the currency.
  • The transaction records made using cryptocurrency are stored in the blockchain and are immutable.
  • The transactions are quicker and much more efficient compared to traditional banking transactions.
  • Cross-border transactions are a lot easier due to lower charges and instantaneous transactions from yours to the other persons’ wallet.

However, this system also has its own set of disadvantages like:

  • The value of cryptocurrency is volatile and can be influenced very easily if a small number of people hold a large number of tokens of the currency. They can

pump-and-dump causing a crash in the value of the currency.

  • The lack of regulations in the use of currency makes it difficult to be used as a reliable currency.
  • Cryptocurrencies cannot be used as legal tender in most countries.
  • The amount of knowledge the people have about cryptocurrency is nowhere close to optimal which makes them wary of using or trading in cryptocurrencies.
  • Government policies in many countries discourage people from considering cryptocurrencies as a viable investment.
  • If the blockchain on which the cryptocurrency is implemented is deleted due to a malfunction, everything on it, including the currency, will be erased.
  • If you lose your private key, you will not be able to access your wallet and lose your cryptocurrency.

State-Issued Cryptocurrency and Central Bank Digital Currency (CBDC)

CBDC is a form of a digital currency issued by the government and is a recognized legal tender. It was initially proposed by The Bank Of England to be used in the case that for some reason, cash is no longer available.

There can be two types of CBDC- Digital form of fiat currency and State-Issued Cryptocurrency. A digital form of fiat currency is not encrypted and does not use blockchain as its underlying technology. State-Issued cryptocurrency is a form of cryptocurrency issued by the Government. It is similar to the other private cryptocurrencies available in the market.

Pros And Cons for CBDC

There are quite a few countries that are planning to adopt CBDCs. There are reports of quite a few pilot programs and some countries have already released their forms of CBDCs to the public. This concept has many advantages like:

  • CBDCs will help facilitate easier and quicker cross border transactions helping in improving the process of foreign exchange.
  • It will reduce the cost of production of money by a huge factor as maintaining and printing cash takes a lot of resources.
  • It is a great means of providing a better system of payments to unbanked individuals.
  • It creates a more stable digital payment system when compared to the ones available in the market.
  • It provides immutable transaction records making it easier for the government to track money and reducing money laundering and crime funding.
  • If the CBDC performs well in the foreign markets, it provides a boost to the countries economy and helps reduce the national debt.

However, this concept also has some major cons:

  • If people decide to hold more CBDCs, it will reduce the deposits in commercial banks.

This will, in turn, make the banks increase the interest on deposits and on the loans to maintain their margins. This will create a huge competition between banks which might result in huge losses for the banks.

  • The core principle of decentralization behind cryptocurrencies will be compromised in CBDCs. Since the issuing and distribution are controlled by the government, decentralization cannot be achieved.
  • It reduces the anonymity and freedom of transactions that other cryptocurrencies provide.

Countries Using CBDC

There are a few countries that are taking a step in this direction and are introducing their cryptocurrencies as a form of legal tender. They are:

  1. Dubai: Dubai announced in 2017 that it will be releasing a digital currency known as Emcash.This is a government-backed, official digital currency pegged to the Dinar. I was created to increase the ease of transactions in both local and foreign markets.
  2. Venezuela: Venezuela introduced the Petro, its official cryptocurrency pegged to its petroleum and other natural resources. It was introduced to help in reducing the huge amount of national debt but it was rejected worldwide and failed to make an impact on the national economy. The value of one Petro is equal to the value of one barrel of petroleum. Recently, the government of Venezuela announced that it will accept payments for petroleum products in Petro making it the official commercial currency.
  3. Senegal: Senegal released the CFA, a CBDC regulated by the Central bank of West
  4. Africa. It is majorly used in West Afican countries and holds the same value as the fiat currency CFA Franc. It is a legal tender and used as a digital version of CFA Franc.
  5. The Marshall Islands: The Marshall Islands was the first country to make cryptocurrency a legal tender. It is used as a mainstream currency along with the USD which is the official fiat currency of the island nation. This currency is called Sovereign (SOV). This step was taken to introduce a local currency and reduce the dependency on USD.
  6. Russia: Russia recently announced that it was developing its CBDC called the Cryptoruble. This Cryptoruble will be the digital form of the Ruble and will mirror its value. This currency is still in its development phase.
  7. Sweden: Sweden is also in the process of developing its form of CBDC called the E-krona. This currency is still early in its development and is being researched for the Swedish market.
  8. China: China recently announced that its process of creating a state-issued cryptocurrency is being expedited to compete with Libra, the cryptocurrency proposed by Facebook. This currency has no official name yet but it is reported to be backed by the Yuan.
  9. Tunisia: Tunisia has recently announced that they are considering different alternatives for an official cryptocurrency. They are in the early stages of development and have not yet announced any official name for the currency.
  10. Japan: Japan has released the -coin a digital currency created to increase the ease of transactions. This is just a digital form of the fiat currency, Yen and not a blockchain-based cryptocurrency.
  11. Estonia: Estonia had proposed the Estcoin, a nationalized cryptocurrency but the project was later canceled by the government.

There are a few more countries like Saudi Arabia, Singapore, etc, considering making their version of cryptocurrency which is a very promising development.

The concept of nationalized cryptocurrency is great in theory, but the results so far have not been very promising. The Marshall Islands’ SOV is the only major success providing proof of concept on a small scale.

For better results, countries need to improve the execution of their plans. They need to retain the basic core principles of cryptocurrency and find ways to ensure that the ones issued by them are accepted worldwide and not rejected as in the case of Venezuela’s Petro.

The International Monetary Fund is also assisting countries in this field. They are helping the countries with policies, pilot programs and investigating alternate payment options. Its teams are already working towards modernizing payment systems and in researching the implications of CBDCs on the international market and the country’s economy.

Views Worldwide

While many countries are showing an inclination towards CBDCs, some countries are still rigid in their views. They believe that the disadvantages and dangers of adopting digital currencies outweigh the positives. They have made it illegal to use any form of digital currency- crypto or otherwise- as a form of money. In these countries, only peer-to-peer and broker-to-peer trading is the only use for digital currencies. However, any countries are adopting the blockchain technology in their operations. The use of this technology has the potential to increase efficiency and speed of operations. The immutable and decentralized property of the blocks has inspired a lot of countries and organizations as a distributed ledger to store records of their operations.

Some countries are also planning to release payment gateways and wallets using bitcoin technology to be able to track the transactions. These systems are also increasing the transparency in organizations since anyone on the blockchain network being used, can access the records.

The Answer?

While there is still a long way to go, the recent developments are very encouraging from the consumers’ point of view. The transactions are getting faster, safer and easier, and the data is getting decentralized. But it will still be years before we achieve the perfect system, combining the best of the past with the promise of the future.

The increased use of blockchain technology across various fields like payments, social media, real estate, and currencies has the potential to pave the way for mass adoption. If the consumers gradually shift towards products and services using blockchain technology, organizations and governments too, are likely to start integrating it into their systems. For example, the thought of sending money to any part of the world by just having someone’s email id was unfathomable before PayPal came in and changed the game. Similarly Amazon, Uber, and Netflix caused seismic shifts in their respective markets.

Cryptocurrency too does have the potential and promise to impact such a change. But before we move towards a system purely based on cryptocurrencies, we need to go through a transition phase where we maintain a balance between new and conventional. To achieve that balance, state-issued cryptocurrencies may not be such a bad idea. With the right amount of regulations and freedom and the right execution, these currencies can help achieve that balance and pave the way for a more transparent and efficient banking system.

A Beginners Guide to State-Issued Cryptocurrency and Central Bank Digital Currency (CBDC)
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A Beginners Guide to State-Issued Cryptocurrency and Central Bank Digital Currency (CBDC)
Cryptocurrency and Central Bank Digital Currency (CBDC) is a form of a digital currency issued by the government and is a recognized legal tender. It was initially proposed by The Bank Of England to be used in the case that for some reason, cash is no longer available.
Namit Pandey
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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

DisclaimerThe views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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Cryptocurrency Fraud Cases: TN Police Issues Warning To Investors

EOW has taken this decision in the backdrop of cryptocurrency fraudulent cases. In 2018, RBI had put a complete ban on cryptocurrency transactions …
Cryptocurrency Frauds In Tamil Nadu: Police Issues Warning To InvestorsCryptocurrency Frauds In Tamil Nadu: Police Issues Warning To Investors

In a bid to curtail cryptocurrency-based transactions in Tamil Nadu, the state’s Economic Offences Wing (EOW) has now issued a warning to individuals dealing with cryptocurrencies.

According to a report in The Hindu, the department has taken this decision in the backdrop of cryptocurrency fraudulent cases reported in Tamil Nadu. A few cryptocurrency investors were cheated in these cases, however, accused are now arrested, it added.

“The public is hereby advised not to deal with cryptocurrencies including Bitcoins, Ethereum, Ripple and more. Those trading in virtual currencies were doing so at their own risk, given that the Reserve Bank of India (RBI) has not given a licence or authorisation to any company to deal in such cryptocurrencies,” the Economic Offences Wing said.

Notably, RBI, on April 6, 2018, had told banks to withdraw all support services that were being extended to crypto entities, thereby announcing a virtual ban on cryptocurrencies. The deputy governor of RBI, BP Kanungo, had then suspected that the rise of cryptocurrencies beyond a critical limit might bring financial instability in the country.

The EOW further highlighted that cryptocurrencies are not a currency as per the definition of currency in India. It is not a derivative as well, it added. Explaining further, the department said that it is only a virtual currency that is similar to gold or precious metals which behaves more like assets rather than currency. “Most cryptocurrencies including Bitcoin, Ripple, Litecoin and Ethereum are not backed by a sovereign guarantee, and therefore are not considered as legal tender,” the notice added.

Unlike other investment options such as stocks, mutual funds, among others, there are no government organisations which regulate cryptocurrencies around the world. Once duped, investors are left with no option to redress their grievances. Moreover, the Indian government has not yet given the status of legal tender to any cryptocurrency.

RBI has warned investors about these risks many times in the past. Moreover, it has also highlighted that cryptocurrency can be used for unethical practices such as money laundering. To address these issues, EOW said that a draft bill has also been proposed to ban cryptocurrencies in the country and provide for official digital currency.

On the other hand, there are many startups that are urging the RBI to allow the flow of cryptocurrencies in the country. In an open letter written to finance minister Nirmala Sitharaman last month, cofounder and CEO of cryptocurrency trading platform, CoinDCX Sumit Gupta cited benefits of cryptocurrencies. Moreover, the Internet and Mobile Association of India (IAMAI) has also filed a petition in the Supreme Court in favour of open crypto regulation in the country.

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The IRS Asks Very Deep Questions Regarding Your Cryptocurrency Activities

Filing taxes related to cryptocurrencies in the US can be a very painstaking endeavor. It now appears that the IRS crypto tax audit letter being sent out …

Filing taxes related to cryptocurrencies in the US can be a very painstaking endeavor. It now appears that the IRS crypto tax audit letter being sent out to users is a lot more invasive than initially assumed.

It is no secret that the IRS wants to target cryptocurrency holders.

The IRS Goes All-in on Cryptocurrency Usage

To do so, the agency will ask some very tough questions.

Some of those questions will not go over well with the general public.

As it turns out, the IRS wants to know a lot of things most people would never expect.

The copy of the 2017 tax return is perhaps the least annoying part of it all.

Detailed records of virtual currency acquisitions and liquidations are also somewhat easy to come by.

However, those records must include ATM transactions, cash transactions, and correspondence with counterparties for any of those activities.

Interestingly enough, the IRS also wants to know about airdrop tokens, currencies obtained through hard forks, faucet usage, and tips.

While this is all-encompassing, it will also create a ton of headaches for American users.

It does not appear that any of the current tax software solutions will be able to check all of these boxes.

It is a very interesting approach by the tax agency, but not necessarily the correct one.