New cryptocurrency game, old tax law rules

While the CRA confronts new challenges, tax lawyers say long-established principles still apply

New cryptocurrency game, old tax law rules

When contemplating the tax implications of cryptocurrency, says Vern Krishna, a tax lawyer and law professor, the first thing to consider is that they are not, in fact, currencies “as we know them.” A central bank typically recognizes a currency as a medium of exchange “with relative stability and great acceptance.” In that sense, he says crypto is a property, not a currency.

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