They can only regulate as far as we allow them to...
but I do think if the IRS makes it official and governments accept BTC this would be a bullish sign for mass adoption.
and we all know what that means...
but I do think if the IRS makes it official and governments accept BTC this would be a bullish sign for mass adoption.
and we all know what that means...
They have to accept it.
End-of-year business accounts around the world, are being presented to their respective tax offices, with a declaration of this strange new thing called Bitcoin.
They need to get with the program, if they are to tax their citizens effectively. If the declarations are sizable, we will start to see some precedents with regards to tax, soon.
I don't think this is the case. Businesses have transacted in foreign currency for a very long time, but in most countries,
I don't see why Bitcoin would be any different. The IRS doesn't want to deal with currency risk in the collection of taxes.
Edit: I stand corrected. Apparently there are people who live overseas and send checks denominated in foreign currency to the IRS in payment of their taxes. However, the IRS puts the currency risk back on the payor, so if there is a shortage after they convert it to USD, the taxpayer owes the balance.
http://www.accountingweb.com/article/tigta-addresses-irs-trouble-processing-foreign-currency-tax-payments/221519
(ok it's not the bending per se)
