Cryptocurrency Investors Provided a Three Month Lay-Off by US Govt.

The coronavirus has brought the whole world to a standstill, including the global economy which has been particularly affected. Multiple moves have been made by the government to provide relief to the people, and this is definitely a welcome move for the cryptocurrency investors.

The penalties and interest will be laid off during the 90 day grace period. The IRS ordered 15th April as the filing date by which the taxpayer should apply and the deferral will be automatically applied.

Democrats, while welcoming the initiative, appealed for an extended filing date given the hardships people are currently enduring due to coronavirus.

A Welcome Sight For The Cryptocurrency Investors

The cryptocurrency investors will breath a sigh of relief as this decision would help them, especially those who made returns on their investments. The current scenario has numbed the cryptocurrency market, especially bitcoin. All the profits made in the last year's has been largely obliterated.

While the debate is still prevalent whether bitcoin is a form of cash or investment, but for now, the taxpayers will have to not worry about the taxes imposed on them. There's still a tinge of obfuscation, as the IRS is yet to come out and make it clear to the cryptocurrency investors how to do the filing procedure impeccably.

Bitcoin has found some support around the $6,000 mark after faltering below $4,000. Bitcoin rally at the end of last week was short-lived, and the price now is going up and down rather slowly.

As the fears of a massive recession loom large, and the feeling of fear continues to mount, even a little relief or delay from taxes is being looked at as a source of immense comfort given the trauma people are currently enduring.

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