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clock Created with Sketch. 07/06/21
10:24
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Originally posted by skypiliot:
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There are many possible implications stemming from El Salvador making BTC a legal currency . it does not have legal tender status in any jurisdiction .” There is a good argument, though, that once Bitcoin is “legal tender” in El Salvador, it will qualify for US individuals as a “nonfunctional currency” (under Section 988), allowing individuals to forgo reporting gains on small, daily transactions—“personal transactions.”functional currency ” of the business and, perhaps, even an individual (see Sec. 985 IRC). If a business’s “functional currency” is a foreign currency, it does not have to bother with gains/losses related to USD fluctuations.
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It's not gonna happen bud.
