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IRS Invites Cryptocurrency Advocates to March Summit

In this 2019 tax season upon us, the IRS is leaving nothing off the table. Cryptocurrency holders are looking for ways to avoid reporting failures on their returns, and the agency has noticed.
foldable phones and screens

According to a report by Bloomberg Tax, the IRS has invited cryptocurrency companies and advocates to appear for a March 3rd summit in Washington DC. Among the aims of the summit are determining how to “balance taxpayer service with regulatory enforcement.” 

Topics under discussion at the summit include regulatory guidance and compliance, preparing tax returns, issues for cryptocurrency exchanges, and technology updates. Each panel will last 90 minutes and feature speakers from the government and private sector. 

Crypto holders in the United States need to know how to declare their assets on their 1040 form. This year’s tax return is the first to include a question on virtual currency.

As the origin of cryptocurrency, Japan often leads the way when it comes to joint projects between companies in different fields, united by their desire to lead the pack in innovation. E-commerce giant Rakuten partner with the East Japan Railway Company on June to promote a cashless payment system. 

A new collaboration is in progress between the Japanese telecom giant KDDI and crypto exchange DeCurret. According to a press release, the two companies — in collaboration with au Financial Holdings and WebMoney — will conduct a joint-project to test digital currency issued on a blockchain for real-world transactions.

As part of the implementation for this test, KDDI will make requests to WebMoney to issue and distribute digital currency, while the latter’s parent company au Financial Holdings manages the joint project. DeCurret will take a lead role by providing the platform for both the issuance and management of the digital currency. 

The joint-project, which runs from Feb. 18 to Feb. 28, is part of DeCurret’s efforts to increase the range of services on their platform. In this case, the platform will be tested using cryptocurrency for real-world transactions like those at cafes. 

DeCurrent has come a long way since its launch in April 2019. The crypto exchange has already gotten regulatory approval from Japan’s Financial Services Agency to allow its users to refill the country’s Suica transportation cards by using cryptocurrency.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,108 1.68 % 3.56 % 13.85 %
Ethereum2,431.1 2.48 % 4.37 % 0.06 %
Binance Coin558.07 2.21 % 5.69 % 3.05 %
Tether1.010 0.22 % 0.80 % 0.72 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.210 2.12 % 4.43 % 16.63 %
XRP1.320 2.37 % 7.87 % 28.25 %
Uniswap37.07 8.32 % 13.83 % 2.77 %
Litecoin261.91 3.32 % 1.20 % 6.01 %
Chainlink36.61 2.26 % 4.70 % 11.26 %