I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
That is one interpretation which I am afraid of, and don't think is right.
This provision can be easily used to harass the crypto-community in the future.
what do you mean by harass?
if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year.
This you are telling only the peoples who buy one time and then show it in accounts but what about persons who are trading in bitcoins and who are collect bitcoins through faucets , referrals and signature campaign, then they have to show every year, like what you do in your day to day life business.