{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/virtual-currency",
 "identifier": "kaal:entity:virtual-currency",
 "name": "Virtual currency",
 "termCode": "virtual-currency",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/virtual-currency.md",
 "sha256": "bf9cf92ed42e32ce9e0311f0fb47c8c841eb16f713fcdffd8dce944ed80d7fd0",
 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2017"
   ]
  },
  {
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   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-016",
   "identifier": "kaal:claim:2998033-016",
   "text": "The IRS position that virtual currency is taxed as property is expressly limited to convertible virtual currency, which leaves the tax treatment of crypto limited partnership interests unaddressed.",
   "abstract": "However, the IRS was very specific about limiting its current position to transactions involving \"convertible virtual currency,\" leaving the tax treatment of crypto-limited partnership interests unaddressed.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "based on IRS Notice 2014-21"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-018",
   "identifier": "kaal:claim:2998033-018",
   "text": "Under FinCEN guidance a mere user of virtual currency is not a money services business and faces no registration duty, while a user deemed an administrator or exchanger must comply with reporting and recordkeeping regulations.",
   "abstract": "While a user of a virtual currency is not a MSB and not subject to any registration requirements, a user of virtual currencies who is deemed to be an administrator or exchanger will be required to comply with its reporting and recordkeeping regulations.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "condition",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "under FinCEN guidance issued in March 2013 extending the Bank Secrecy Act to virtual currencies"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3002908-013",
   "identifier": "kaal:claim:3002908-013",
   "text": "The IRS confined its virtual currency position to transactions in convertible virtual currency, which leaves the tax treatment of crypto limited partnership interests unaddressed.",
   "abstract": "However, the IRS was very specific about limiting its current position to transactions involving \"convertible virtual currency,\" leaving the tax treatment of crypto-limited partnership interests unaddressed.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "under IRS Notice 2014-21"
   ],
   "source_pdf_sha256": "06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'virtual-currency'. Derived node: a roster, not an adjudicated definition."
}