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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/7/2014--Introduced. Virtual Currency Tax Reform Act - Directs the Internal Revenue Service (IRS) to treat virtual currencies as a foreign currency for federal tax purposes. Defines "virtual currency" as a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.
Imposes a five-year moratorium on any capital gains tax on virtual currencies.