Open Access. Powered by Scholars. Published by Universities.®

Banking and Finance Law Commons

Open Access. Powered by Scholars. Published by Universities.®

Bitcoin

Discipline
Institution
Publication Year
Publication
Publication Type

Articles 61 - 62 of 62

Full-Text Articles in Banking and Finance Law

Are Cryptocurrencies 'Super' Tax Havens?, Omri Y. Marian Oct 2013

Are Cryptocurrencies 'Super' Tax Havens?, Omri Y. Marian

UF Law Faculty Publications

I describe the mechanisms by which cryptocurrencies — a subcategory of virtual currencies — could replace tax havens as the weapon-of-choice for tax-evaders. I argue such outcome is reasonably expected in the foreseeable future due to the contemporary convergence of two processes. The first process is the increasing popularity of cryptocurrencies, of which Bitcoin is the most widely recognized example. The second process is the transformation of financial intermediaries to agents in the service of tax authorities, as part of the fight against offshore tax evasion. Financial institutions are faced with increased governmental pressure to deliver information about account holders, …


Are Cryptocurrencies Super Tax Havens?, Omri Marian Sep 2013

Are Cryptocurrencies Super Tax Havens?, Omri Marian

Michigan Law Review First Impressions

Virtual currencies are online payment systems that may function as real currencies but are not issued or backed by central governments. As demonstrated by recent events, virtual currencies present regulators with significant challenges. On May 23, 2013, the U.S. federal government brought an indictment against the operators of Liberty Reserve, a popular virtual currency, charging the operators with money laundering and operating an unlicensed money-transmitting business. The same month, the Government Accountability Office ("GAO") made public a report exploring the potential tax-compliance risks associated with virtual currencies and economies. Legislators have also taken particular interest in one type of virtual …