Under federal law, cryptocurrency is classified and regulated as a commodity under United States law.
In March 2013, the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury released a statement classifying cryptocurrency as "virtual currency." The definition of virtual currency is compared to that of "real currency," which FinCEN defines as the currency of a sovereign state. According to United States regulatory code, virtual currency is “a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency.” For federal tax purposes virtual is considered property.
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Cryptocurrency lawCryptocurrency law is the area of financial law that applies to individuals and other entities who trade cryptocurrencies.