With the legislative approval of bitcoin as legal tender in El Salvador, United States (US) taxpayers should be mindful of certain Internal Revenue Code1 (IRC) provisions that could be triggered if more countries decide to adopt bitcoin as legal tender. BackgroundOn 8 June 2021, El Salvador’s Legislative Assembly approved legislation to adopt bitcoin as legal tender in the country. Under the key provisions of the approved bill, businesses and lenders would be required to accept bitcoin as payment for any monetary obligation. Taxpayers could make tax remittances to the Government in cryptocurrency. The possible adoption of bitcoin as legal tender by...