Robocoin, provider of the first Bitcoin ATM placed in Vancouver, arrives with a Bitcoin ATM in Washington D.C. today for an introduction to Congress, posted Fox Business. The Bitcoin ATM arrival comes as US Congressman Steve Stockman of Texas is preparing to introduce a new bill, the ‘Virtual Currency Tax Reform Act’, which, if passed will classify Bitcoin and other cryptocurrency as legal tender. Currently bitcoins are treated as property by the current IRS ruling. Coin Desk is carrying updates.
Stockman wants to recognize bitcoin and other digital currencies as legal tender. There are many seeking to use bitcoin as payment for salary or contract payment. If it is treated as property and subject to capital gains taxes that creates the rules for long and short term holding. If purchases made with bitcoin or other cryptocurrency then a sales tax could be levied.
Stockman’s proposal recognizes bitcoin and other digital currencies as legal tender. Instead of triggering capital gains taxes for each transaction, purchases made with bitcoins would require sales taxes instead.
Stockman said in a brief statement: ‘This is a nascent industry. Along with 3D printers and nanotubes, cryptocurrency is the future. We need to encourage it, not discourage it. There is risk associated with every budding industry in America.’
Robocoin CEO Jordan Kelley and Robocoin Co-founder and Chief Technology Officer John Russell will be at Congress today to unveil the first Bitcoin ATM before members of Congress and the press.
Congress will receive a tutorial at the Rayburn House today on how to use the Bitcoin ATM. To perform a transaction from the Bitcoin ATM, customers must provide first a phone number and verification of that through a text message. This will allow then an email, their palm print, government identification of their face and cash for deposit into their account. Once the palm print is done and attached with their facial ID, a personal pin can be entered. Cash for those with an account on Robocoin will take about ten minutes to release to their designated bank account.
Robocoin has 10 machines overseas, according to a press release from Robocoin, and one in California. Robocoin operates with the Bitstamp and Vault of Satoshi exchanges, and is working to integrate with others in the future. Each ATM retails at $20,000, and the company says it has sold 100 so far.
To find out more information about Bitcoin and recent events in Congress and around the world view the articles below in Author’s suggestions, photo atop greeting people to the Bitcoin NYC conference yesterday and the video atop this article from Market Watch with Bitcoin entrepreneur Barry Silbert in NYC.
Twitter: Victoria Wagner@victoriaross888