VIRTUAL CURRENCIES FOR MOBILE APPS: LAWS, PROFITS, AND FUNNY BUSINESS

Can the IRS tax virtual currencies for mobile apps?  Does the NSA really play World of Warcraft to fight terrorism? (Yes, at least they did.) Are cybercriminals using virtual currencies to launder money?

Virtual currencies, including those used for mobile apps, can be very profitable.  Even so, other issues arise when peering into this virtual vault as underscored by our opening questions.  Let’s look before we leap into virtual currencies while focusing on how they are treated under US laws.

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