TechFlow News — According to Cointelegraph, payments giant PayPal announced its entry into the cryptocurrency market, allowing customers to buy, sell, and hold bitcoin and other cryptocurrencies using the company's online wallet. Starting in early 2021, users will also be able to use cryptocurrencies to shop at 26 million merchants across its network. Alex Mashinsky, CEO of crypto lending platform Celsius, predicted this integration could bring "millions of new users" into the crypto space. However, due to the volatility of crypto assets and tax reporting requirements, they may face a "tax nightmare." As stated by the U.S. Internal Revenue Service (IRS), digital assets such as bitcoin are treated as property, not currency. This means that every time you sell, exchange, or dispose of cryptocurrency to purchase something else, it becomes a taxable event.
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