08.20.2019 - By PwC
Doug McHoney (PwC's US International Tax Services Leader) and Rebecca Lee (a PwC ITS Partner specializing in cross-border financial transactions) discuss cryptocurrency, from its basic definition to its impact on taxpayers. Doug and Rebecca address cryptocurrency fundamentals and blockchain; centralized versus decentralized ledgers; whether cryptocurrencies are commodities, securities, or currencies; foreign corporation tax considerations (impact on BEAT, GILTI, subpart F, etc.); how Tax Departments might get involved in the discussion; how governments are attempting to provide certainty and attract business; what if your virtual currency comes to a virtual fork in the road; and the implications of a potential new virtual currency, the Dougcoin.