View a timeline of cryptocurrency regulation and laws
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DigiCash Inc. was founded in 1989 by David Chaum. DigiCash Transactions were unique and anonymous due to cryptographic protocols developed by its founder.
photo credit: chaum.com
Bit Gold, a decentralized virtual currency, is proposed by blockchain pioneer Nick Szabo in 1998. Although it was not created, it is considered the direct precursor to Bitcoin protocol.
photo credit: bitgold.site
The most serious financial crisis since the Great Depression has global impact, causing a worldwide economic crisis
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Bitcoin was invented by Satoshi Nakamoto (an unknown person or group) and is introduced to the public through open-source software. It was defined as bitcoin in a white paper published in October 31, 2008, and is valued at $0.0007 in 2009.
photo credit: Investopedia
A guy buys two pizzas and pays 10,000 BTC, equivalent to $25 ($100 million in today's value)
1 BTC reaches the value of 1 US penny
In just one year, the value of 1 Bitcoin increases from one penny to $100 USD.
The IRS Issues Notice 2014-21, introducing accounting and tax compliance for cryptocurrency in the United States.
In 2018, the American Institute of CPAs (AICPA) issues a tax advocacy comment letter addressing the taxation of the digitalized economy.
photo credit: us.aicpa.org
The IRS issues a revision of Rule 2019-24 to address hard forks and airdrops for cryptocurrency, and new FAQs.
The IRS requires 2019 Schedule 1 for adjustments to include cryptocurrency gains and losses.
The IRS adds a question on form 1040 asking about virtual currency
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For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or [email protected]
