IRS Casts Unusually Wide Net for Bitcoin User Data

Bitcoin Watch Shop

WASHINGTON – A ask by a IRS for user information from a bitcoin sell highlights simmering tensions between correspondence and patron remoteness for financial institutions and will exam how those final are offset in a immature margin of cryptocurrency.

Under a procession called a John Doe summons, a IRS this month asked a sovereign justice in California to approve a ask for Coinbase to spin over annals on any user who had done digital banking exchange between 2013 and 2015.

At emanate is a unenlightened inlet of a request. Coinbase has amassed scarcely 5 million users, according to a website – that could meant a association competence be forced to spin over financial annals on millions of U.S. taxpayers.

In a past, a IRS had targeted a series of banks with John Doe summonses. The requests were broad, though did not ask financial institutions to spin over information on each singular one of their accountholders as a IRS is now

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