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The Internal Revenue Service (IRS) describes Virtual Currencies (VCs) as "a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value [and] does not have legal tender status in any jurisdiction." [4] Although, electronic payment systems have been part of American life since at least 1871 ...
The wash-sale rule does not apply to cryptocurrency While the IRS treats cryptocurrency mostly as it does capital assets, it takes a totally different approach when it comes to wash sales .
Virtual currency. Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of ...
Virtual tax. Virtual tax is a proposed USA tax on internet gamers for items bought or traded solely within the virtual world (Internet game worlds). [1] [2] [3] The tax on a transaction would be considered as if it were a purchase or sale (if real currency is involved) or barter (if not). Virtual property, on the death of the owner, would be ...
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While many companies have embraced exchanging cash for virtual goods, the practice is forbidden in most blockbuster games, which derive income from subscription fees. This doesn't deter all players from saving playing time by illicitly buying in-game currency with real-world cash from an alternate source– violating their agreement with the game's operator in the process.
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual ...
A bitcoin -based currency featuring instant transactions, decentralized governance and budgeting, and private transactions. China based cryptocurrency, formerly ANT Shares and ANT Coins. The names were changed in 2017 to NEO and GAS. The underlying software is derived from that of another cryptocurrency, ZetaCoin.