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Bitcoin Could Be Labeled ‘Currency’ Not ‘Property’ if Bill Passes

In March the Internal Revenue Service (IRS) ruled that Bitcoin would be taxed as property and not currency. In many ways this defeated the purpose of recognizing the cryptocurrency as a medium.

Now the Crypto Crimson is reporting that Rep. Steve Stockman (R-Texas) is proposing a bill entitled “To change the tax status of virtual currencies from property to currency,” otherwise known as the Virtual Currency Tax Reform Act for the senate.

“This is a nascent industry. Along with 3-D printers and nanotubes, cryptocurrency is the future,” said Stockman. “We need to encourage it, not discourage it. There is risk associated with every budding industry in America,” Representative Stockman said in a statement.

Several months ago, Representative Stockman was the first politician who accepted Bitcoin donations toward his senate campaign.

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