Bitcoin and cryptocurrencies: new rules on the way?
The September 13 proposal, which adds goods, currency and digital assets to the “fictitious sale” rule, is included in a $2 trillion tax increase.
This suggests that the new addition closes a loophole used by some crypto investors. This loophole helps investors get around capital gains tax when they sell at a loss. To do this, they must wait 30 days before buying back the shares, or make an equivalent investment, otherwise it will be a “fictitious sale”, which is not considered a deduction from capital gains.
In addition, according to the tax Service (IRS), cryptocurrency is currently considered property, so it is not subject to such rules. However, investors in digital assets can buy and sell cryptocurrency and claim deductions, as this new offer changes the situation.
Kristin Smith, executive director of the Blockchain Association, told Bloomberg: “We are satisfied with this provision, as long as it applies the existing rules only to crypto assets, and does not lead to other unforeseen consequences”.
This is the latest news of cryptocurrency regulation from Washington in recent months. This summer, the crypto industry was in a panic because of the original tax infrastructure bill, which broadly classified the term “broker”. He grouped almost all the community members into the same report category.
If it is adopted without editing, it could shake up the industry. Many in the industry, including Coinbase CEO Brian Armstrong, called the bill harmful for future innovation. Others, in addition to the crypto space itself, such as Senator Pat Toomey, sided with the cryptocurrency.
But while regulators are coming up with new rules for Bitcoin, the king of cryptocurrencies continues to improve.
Bitcoin Core Introduces version 22.0
A few weeks ago, the first version of the open source Bitcoin Core software was introduced. And since then, all eyes have been focused on the next version. The second update of Bitcoin Core for 2021 (version 22.0) is already available. This was made public on Monday.
Each new update brings its own share of novelty. In the case of version 22.0, there is an enhancement of Remote procedure Call Protection (RPC). RPDs are actually communication channels through which users can interact with the BTC network. In addition to strengthening the RPC, the new update makes improvements to the build system, tools and files that make up the network. In addition, the graphical user interface (GUI) has been redesigned and has become more original.
Specifically, among the notable changes is the removal of the anonymous Tor v2 browser. For users, this browser is outdated, as is its functionality. In addition, he began to have problems related to the level of his security. This is one of the reasons why the new update is very popular. Indeed, it replaces Tor v2 with Tor 23.
According to the officially available information, Bitcoin Core 22.0 will not work on all media. For example, macOS versions prior to 10.14 will not be able to use this advantage. On the other hand, all versions of macOS released after 10.14 will be able to take advantage of many of the advantages of the new system. Outside of macOS, Linux and Windows 7 users will be able to use it.
Recall that the first update of Bitcoin Core was launched on January 14, 2021. Meanwhile, the second version was launched on September 13, more than 8 months after the first version. According to the project team, 128 people contributed to it. They participated in the development of the new version.