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February 14, 2014

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I've been wondering about this sort of idea lately, but I'm curious what legal problems may arise. What is the legality of converting BitCoins to any particular currency, since no declaration is made on tax forms (to my knowledge)? Are currency exchanges in general subject to tariffs or any other taxes? If so, this work-around may have liability risk in addition to the holding time risk.

I'd buy BitCoins now to play with, except I'm wary that one day there will be a line item on the IRS form asking me to declare them, and privacy is kind of the whole point of BitCoins, so I'd either have to lie or give up that privacy. Until these questions are resolved I'm holding off buying any digital currencies.

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