During the last couple of years, all around the world, there have been numerous discussions on what the proper taxation mechanism for digital currencies is. The lack of a united approach towards this issue has led to countries implementing vastly different taxation policies.
The issue goes deeper, as in the United States, citizens aren’t yet sure what approach they should consider when doing their taxes. While the IRS has provided guidance on bitcoin transactions for a couple of years, bitcoin is considered as property. This means that the purchase, trade, sale and mining of crypto can be regarded to as taxable actions.