During the legal battle of IRS for uncovering identities of the ones who make use of Bitcoin, there is a revelation from federal prosecutors saying th
During the legal battle of IRS for uncovering identities of the ones who make use of Bitcoin, there is a revelation from federal prosecutors saying that the office of state prosecutors have to battle for the private information which even involve Bitcoin. Pennsylvania’s District Attorney’s office at Allegheny County had to pay Bitcoin ransom for protecting the privacy of the information of their own. The ransom amount was much less and was just 1400 dollars in the form of money. It is but remarkable to see a Government agency paying the ransom and that too in the form of digital currency like Bitcoin.
Once can imagine that there is a possibility for many of the coinbase users to pay ransom for avoiding IRS for finding them and even auditing the source. There is also a discussion required on whether payment of ransom should be deducted from tax in the form of business expense. In this scenario it is the Government that is paying ransom which makes as things whether this is a form of retaliation.
Though the market is suggesting that the Bitcoin is expected in surging 165 percentage but with reign of Donald Trump, IRS is playing hardball. IRS says that coin base is all about getting coveted anonymity. Ransom is something that has come from so much of phishing attempted, but there is not anyone that targeted office of Das. The goal of this is more into making profit than with any ideology.
There is one more side to Bitcoin which is very comfortable to use as a digital currency. The hackers who are popular called as Avalanche Group demands to get paid as Bitcoin as these digital currencies cannot be traced compared to the banking system.
Crackdown of IRS on the digital currency is just the start of it. It is necessary for the users to be aware and should have a plan ahead. The efforts from IRSs should be started in smaller scale for the purpose of account disclosure. The whole activity has started with a single bank by IRS but it is expected that they are going to spread it across various banks that are there all over the globe. This is going to reveal all the funds that are hidden from getting paid as tax. Tens and thousands related with taxpayers have come forward through different iterations of IRS amnesty programs.