This came following the prosecution of Anthony Murgio, who was accused of running an unlicensed Bitcoin exchange platform. came in 2016 when a federal judge ruled that the virtual currency is money just like any fiat currency. The third significant event in Bitcoin’s history in the U.S.A.
This commission officially classified Bitcoin as a commodity towards the end of 2015 – this classification meant that Bitcoin would be liable to taxation by the Internal Revenue Service as it was categorized as property. The 2013 classification was followed by another classification in 2015, this time by the Commodity Futures Trading Commission (CFTC). It paved the way for the legalization and general acceptance of Bitcoin in the country. This classification came in 2013, five years after the unveiling of the cryptocurrency. Treasury’s classification of Bitcoin, as a decentralized and convertible virtual currency. There are three crucial events that define Bitcoin’s history in the U.S. It has not always been considered as a legal currency, but its decentralized nature made it difficult for the government and financial regulators to control its use. Here is a comprehensive insight into the history, legality, and mining of Bitcoin in the U.S.A.īitcoin has been in use in the USA since its development. It took some time for the world to embrace Bitcoin, but it eventually found its way in to the U.S. It was created in 2009 by Satoshi Nakamoto, but the developer’s true identity has never been verified. Chapter 8 Bitcoin & Cryptocurrency Trading in the USAīitcoin is a digital currency that has been around for almost a decade now.
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