Too everyone saying XSV may be in violation of Fincen regulations...
Crypto has been recognized as PROPERTY! Not currency.
Go spread your fud somewhere else.
Facts are not fud. You are obviously not very knowledgeable on the subject. You are referring to the IRS. That has nothing to do with FinCEN requirements. And according to the IRS, anyone redeeming XSV will be required to claim the value on their tax returns. Yeah that's going to work out real well.
This coin can't work because of the issues I have pointed out.
No FinCEN registration = In violation of Department of Treasury
Recipients required to claim value of property in federal tax filings
http://www.irs.gov/pub/irs-drop/n-14-21.pdfQ-1: How is virtual currency treated for federal tax purposes?
A-1:
For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.
Q-3: Must a taxpayer who receives virtual currency as payment for goods or
services include in computing gross income the fair market value of the virtual
currency?
A-3: Yes. A taxpayer who receives virtual currency as payment for goods or services
must, in computing gross income, include the fair market value of the virtual currency,
Do your research bro...
The production and distribution of software, in and of itself, does not constitute acceptance and transmission of value, even if the purpose of the software is to facilitate the sale of virtual currency, FinCEN wrote. As a result, the software would not make the company a money transmitter.