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H.R.____
Tochangethetaxstatusofvirtualcurrenciesfrompropertytocurrency.
ABILL
Tochangethetaxstatusofvirtualcurrenciesfrompropertytocurrency BeitenactedbytheSenateandHouseofRepresentativesoftheUnitedStatesofAmericain Congressassembled,
SECTION1.SHORTTITLE. ThisActmaybecitedastheVirtualCurrencyTaxReformAct. SECTION2.CONGRESSIONALFINDINGS. Congressfinds: Theclassificationofvirtualcurrenciesaspropertymeansthatuserswouldberequiredtopaycapitalgains taxonanytransactionusingthevirtualcurrencybasedonanygainoverthevirtualcurrency'svalueformthetimeof purchase. SECTION3.DEFINITIONS. Thetermvirtualcurrencyisdefinedasadigitalrepresentationofvaluethatfunctionsasamediumof exchange,aunitofaccount,and/orastoreofvalue. SECTION4.GENERALAUTHORIZATION. TheInternalRevenueServiceshalltreatvirtualcurrenciesascurrencyforfederaltaxpurposes. SECTION5.EFFECTIVEDATE. TheprovisionsofthisActshalltakeeffectatthebeginningofthefiscalyearfollowingenactment.