Crypto currencies and their users may be coming under attack as the Internal Revenue Service (IRS) looks their way. A California court has ordered a popular exchange site to surrender its client list.
Coinbase is a cryptocurrency exchange where users can log in and pay cash for digital currency or trade digital currency for dollar value. Bitcoin is the most popular of cryptocurrency with a value going from mere cents to $11,000 in five years’ time.
The court in California has ordered Coinbase to release the names, birthdates, addresses and account activity of 14,355 users. The original petition to the internet company requested for the information of all end users. After a yearlong court proceeding, only the users who traded more than $20,000 worth of cryptocurrency will be revealed.
Between 2013-15, according to the IRS, less than 1,000 people have listed cryptocurrencies on their tax forms. With almost 15,000 people being identified as trading in very large quantities of currency, not many are paying taxes on them.
Chief Executive Officer and Co-Founder of Coinbase, Brian Armstrong, commented in January about the governmental contact. He mentions asking for the intricate …
Read more at the Conservative Daily Post
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)