Category: currency

The IRS won’t ask you to report ‘Fortnite’ V-Bucks on tax returns

[ad_1] The tax forms won’t clarify matters, though. Schedule 1 in Form 1040 asks taxpayers if they have “any financial interest in any virtual currency” without a definition or an indication of what to do next. While many will check with the IRS for a clarification or simply assume the tax bureau is referring to […]

Facebook’s Libra loses one more member as its council becomes official

[ad_1] PayPal, eBay, Mastercard, Visa and Stripe were some the most prominent companies to pull out, each of them leaving within days of each other. Not that Facebook is deterred. Libra Association policy head Dante Disparte told Reuters that the departures were a “correction” and “not a setback.” The outfit also touted the number of […]

EU grills Facebook over Libra’s financial and privacy risks

[ad_1] The questioning is part of a larger EU effort to determine if and how Libra should be regulated, provided it’s even allowed to operate in the region. There are significant hurdles to that happening. The European Central Bank’s Benoît Coeuré has warned that the standards for approval “will be very high,” and the French […]

Facebook’s Libra currency will get half its backing from the US dollar

[ad_1] This isn’t surprising given Facebook’s home turf and the usual strength of the US dollar. The absence of certain currencies might work in Libra’s favor, too. The absence of China’s yuan could appease American politicians scrutinizing the currency by assuaging their fears of Chinese influence. US officials have long accused China of softening the […]

Central banks to question Facebook over Libra cryptocurrency

[ad_1] In response, Libra reiterated its earlier stance that it “welcome[s] this engagement” with politicians and regulators, and that it “deliberately” set out a long launch schedule to discuss issues and modify its plans based on feedback. The conversation might not go the way Facebook and the Libra team hope. Coeuré in particular has warned […]

China’s official digital currency is nearly ready

[ad_1] It’ll rely on a two-tier split, with the People’s Bank on top and commercial banks below, ostensibly to help deal with the sheer size of China’s economy and population. Also, it won’t rely entirely on the blockchain that forms the backbone of cryptocurrencies. It just couldn’t deliver the throughput needed for retail, Changchun said. […]

IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxes

[ad_1] In a press release, IRS Commissioner Chuck Rettig said: “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing […]

House chairwoman wants Facebook to pause work on its cryptocurrency

[ad_1] The congresswoman also said that Facebook executives should testify about Libra as part of that oversight. We’ve asked Facebook for comment. As part of the announcement, though, it launched a Libra Association whose aim is to oversee the currency outside of Facebook’s control. Calibra, the digital wallet for the new monetary format, is supposed […]

Facebook’s cryptocurrency may debut this month

[ad_1] And in case you’re wondering: yes, Facebook would be fully aware of the public’s possible reluctance to trust Facebook with their finances. While the blockchain would supposedly be “far more centralized” than the likes of bitcoin with 100 or fewer nodes in its payment network, the company would tap outside firms to help run […]