TAX SPECIALIST (HRB) – CRYPTO - LEVEL 2
Terms in this set (426)
Currency is tangible or Intangible
intangible property?
Cash is fiat/real currency, gov. gold or silver
issued & not backed by
commodities like
Digital Currency is any currency Electronic
used exclusively in what
form?
One sub type of digital currency is virtual currency
a digital representation of value that functions as a medium of
The IRS definition of virtual
exchange, a unit of account, and/or a store of value
currency is...
Virtual currency is largely central bank or government.
unregulated, usually controlled
by its developers, not backed
by a...
Virtual Currency does not have US
legal tender status in the...
Virtual Currency possesses the users of the currency have agreed that it has that value.
value for the same reason as
the dollar bill...
In 2022, the IRS began referring digital asset
to virtual currency as a...
A 2nd subtype of Digital Central Bank Digital Currency (CBDC)
Currency that is the virtual
form of Fiat/Real Currency and
backed by government is...
What are the 2 Virtual Currency Non-convertible or Convertible.
sub-types?
game currency, like candy crush gold. Closed currencies like this
Non-convertible or closed do not have an actual value outside of the game, and generally
currency can't be transferred to another game. They can only be spent
, or trading in-game.
Terms in this set (426)
Currency is tangible or Intangible
intangible property?
Cash is fiat/real currency, gov. gold or silver
issued & not backed by
commodities like
Digital Currency is any currency Electronic
used exclusively in what
form?
One sub type of digital currency is virtual currency
a digital representation of value that functions as a medium of
The IRS definition of virtual
exchange, a unit of account, and/or a store of value
currency is...
Virtual currency is largely central bank or government.
unregulated, usually controlled
by its developers, not backed
by a...
Virtual Currency does not have US
legal tender status in the...
Virtual Currency possesses the users of the currency have agreed that it has that value.
value for the same reason as
the dollar bill...
In 2022, the IRS began referring digital asset
to virtual currency as a...
A 2nd subtype of Digital Central Bank Digital Currency (CBDC)
Currency that is the virtual
form of Fiat/Real Currency and
backed by government is...
What are the 2 Virtual Currency Non-convertible or Convertible.
sub-types?
game currency, like candy crush gold. Closed currencies like this
Non-convertible or closed do not have an actual value outside of the game, and generally
currency can't be transferred to another game. They can only be spent
, or trading in-game.
