For United States citizens, according to the IRS, bitcoin and other cryptocurrencies are to be taxed as property and sales and purchases are to be treated as capital gains.
Does anybody know whether there is any legal basis for the argument that bitcoin (eth, steem, etc) is not located anywhere, therefore it is neither located in the US nor in a foreign country. If there are only laws which deal with transactions in the US and in foreign countries then there would be no basis to tax any cryptocurrency. But, I'm not aware of whether that is the case.
What do you think? Could this work or are there laws which govern things which don't exist in a particular location?
