Cryptocurrency trades became taxable in the US

The new US tax code amendment concerns "like kind exchanges" and makes all cryptocurrency trades taxable
26 December 2017   838

On December 22, President of the United States Donald Trump signed a new U.S. tax code amending IRC Section 1031 (a)(1). The new tax code is concerned with cryptocurrency trading apart from general taxation. 

The amendment concerns a part of the tax code regarding “like kind exchanges,” which used to allow investors to swap assets without paying taxes for that, and have long been used by traders to avoid taxation for the operations. 

The tax act in Sec. 13303 amends IRC Section 1031 (a)(1) to delete “property” and replace it with “real property” … So, you can see that now I can no longer take the position that my Bitcoin to Litecoin exchange was a like kind one under Sec. 1031, and I have to recognize the gain when I do it.

Suzanne Walsh
a partner at the law firm Murtha Cullina

According to the tax code, all cryptocurrency trading, including swapping one cryptocurrency for another, will become taxable starting from January 1 of 2018.

Until now the owners of digital currency had to pay taxes only when they exchanged cryptocurrency for fiat or physical goods, but the new rule now means that all crypto transactions become taxable.

Swansea Hosts Blockchain and Distributed Energy Conference

The BEW'18, which will be held on February 19, 2018 in Swansea, UK, is a must-attend for people who are interested in the cutting edge of blockchain
19 February 2018   243

The Blockchain Energy Wales'18 Conference will be held on February 19, 2018 in Swansea, United Kingdom.

The conference will introduce Klenergy and their Pylon Network, which is a decentralised energy exchange platform powered by renewable energy. The BEW'18 is a must-attend for people who are interested in the cutting edge of blockchain, distributed energy, peer2peer and smart technology.

BEW conference location swanseaBEW'18 Exact Location

Location: TechHub Swansea, 221 Stryd Fawr, Swansea SA1 1NW, UK
Time: from 9AM to 1.30PM

The headline speakers include Paul Harwood, Basicincome supporter and advocate, and David Clubb, director of RUKCymru and head of digital RenewableUK.

The agenda of the conference is as follows: Blockchain technology and its application in the energy sector, future of blockchain wallet systems, buildings as power stations, building the open-source co-operation protocol for the energy sector, and more.