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KRA should offer clarity on how to tax bitcoin trading

Bitcoin does not fulfil the criteria of money in both economic and legal sense. FILE PHOTO | NMG

Naysayers have been waiting for the bitcoin bubble to burst. Instead, bitcoin, a decentralised cryptocurrency, has over the years grown value and gained fame. Policy makers and central banks are grappling to offer clarity on the place of bitcoins in the financial system.

However, little attention has been paid to tax consequences in mining and trading in bitcoins.

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Note: The results are not exact but very close to the actual.

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