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by icebraining
3929 days ago
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Keep in mind that the Japanese Yen is a currency in Japan, but under US regulations, it is not. For many purposes, yes, it is, especially in tax law, which is why people also wanted Bitcoins to be recognized as such. Under Subtitle A of the Internal Revenue Code, foreign currency like the Yen has special rules vis-a-vis commodities. In particular, when you buy something with Yen (up to $200 in value), it is not considered a realization of capital gains and so it is not taxable, unlike if you used a commodity to pay. https://www.law.cornell.edu/uscode/text/26/988 |
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