Yes, if you traded in a taxable account or you earned income for activities such as staking or mining. According to IRS Notice 2014-21, the IRS considers cryptocurrencies as “property,” and are given the same treatment as stocks, bonds or gold. If you sold crypto you likely need to file crypto taxes, also known as capital gains or losses. You’ll report these on Schedule D and Form 8949 if necessary. Separately, if you made money as a freelancer, independent contractor or gig worker and were paid with cryptocurrency or for crypto-related activities, then you might be self-employed and need to file Schedule C. Do I need to sign up for anything? The temporary freeze on interest rates could bring new curious investors to the crypto market, but the US Federal Reserve has hinted at another hike before the year is out. Market participants bracing for an increase may not have the funds to invest in crypto, and if they do, they might not be willing to risk a loss.

Andolfatto, D (2015): "Fedcoin: on the desirability of a government cryptocurrency", MacroMania, blogpost, 3 February. 🎓 Good Research Topics about Cryptocurrency Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.