I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Virtual currencies like Bitcoin have attracted public attention in recent years. Some employees are paid by Bitcoin, few retailers are beginning to accept Bitcoin as a payment. In the recent past, the IRS has clarified the tax treatment of Bitcoin and Bitcoin transactions. In general if you keep your bitcoins as capital assets, you should consider them as a 'property' for tax purposes. The general tax principles applicable to property transactions apply. If Bitcoins are held as equity, such as stocks or bonds, any gain or loss arising from the sale or exchange of the asset is taxed as a capital gain or loss. The main question is to tracking the crypto currencies are not easy today.