The US Internal Revenue Service (IRS) will introduce a new version of the cryptocurrency guide this month. 20 congressmen urged the regulator to provide more detailed and precise answers to the digital asset taxing this year in April, as the WSJ news edition reports.
According to the document from 2014, cryptocurrency is a property, 'virtual currencies'. However, they aren't a legal form of currency, unlike fiat currency.
Precise content of the updated document isn't known yet, but it's quite possible that digital currencies will become legal for paying for goods and services. Today, it's clear enough that the governance will raise some tax questions, Congressman Tom Emmer wrote about it in a letter to the IRS.
In May, 2019, it was reported that the new governance will explain the issues of the basic cryptocurrency cost, as well as taxing of coin hard forks.
Representatives of the cryptocurrency community often blame the US governance for the fact that incomprehensible answers to basic questions about cryptocurrency seriously restrict the industry development. Their concerns and discontent are shared by some legislators, who are still positive about cryptocurrency.