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Cedric M

Are cryptocurrencies taxed?


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Hello Cedric, 
Cryptocurrencies have become so popular over the past years. Also, know as digital currencies, you cannot hold or see them. Unlike other traditional currencies, neither the government nor the banks control it. 
You can use them, however, to purchase products, and others use them as a form of investment. You can also exchange them with conventional currencies.
Cryptocurrencies are treated as properties, and therefore people must pay taxes for them. A gain or loss is usually taken into consideration anytime there is an exchange of a cryptocurrency for real money. This also applies when the cryptocurrency is used to purchase or sell a product.
To acknowledge these gains and losses, you need to consider the transaction kind that has taken place and the amount of time taken for holding this position.

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