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IRS Casts Unusually Wide Net for Bitcoin User Data

By Timothy Sohn Nov 28, 2016 5:14 PM EDT

(American Banker) – A request by the IRS for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency. Under a procedure called a John Doe summons, the IRS this month asked a federal court in California to approve its request for Coinbase to turn over records on any user who had made digital currency transactions between 2013 and 2015.

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