“Tomorrow’s tax havens could be fueled by new technology like Bitcoin and Litecoin — online currencies that can be used to purchase everything from coffee to illegal drugs. The problem for government coffers: There’s no mechanism to ensure that people who make money through such digital currency report the income to the IRS. In its fight against tax evasion, the U.S. is largely focused on shining a light into bank accounts held by Americans in other countries. But experts say the rise of Bitcoin, which doesn’t require a bank account, could force the U.S. to rethink its approach.”
http://dyn.politico.com/printstory.cfm?uuid=28235F0D-EFE8-3E6D-CD70B733F96ED8D5
Related posts:
Four-month deal reached between Greece, creditors
Obama honors those who made the ultimate sacrifice in Iraq war
Orgies, devil men, knife-wielding maniacs: A history of cannabis in California
Ex-IMF Chief Dominique Strauss-Kahn charged with pimping
Video game pioneer & former Nintendo head Hiroshi Yamauchi dies at 85
Obama rejects calls for independent probe of IRS scandal
Irish Bitcoin Association calls for Central Bank to regulate BitCoin
Egyptian iron artifacts, earliest ever found, made from meteorite
America's Baby Bust
Blind Mice Given Sight After Device Cracks Retinal Code
Gun Bill in Missouri Would Test Limits in Nullifying U.S. Law
After 11 years and $1.5 billion, Homeland Security H.Q. to be scrapped
San Diego cop kills service dog after knocking on wrong door
Hey, scofflaws! Police union cards available on eBay
16 Year Old Questioned By FBI for Supporting Ron Paul