When Libra officially launched approximately a year and a half ago, it was as a direct result of IRS Notice 2014-21. This notice was official guidance from the US Government that classified bitcoin and other virtual currencies as capital assets. This meant that as a result, any US tax paying individuals or entities (corporations, trusts, etc.) acquiring bitcoin (or any other virtual currency) would going forward, need to always keep track of the price in relation to the US dollar that it was acquired at so that when it is redeemed or disposed of, a gain or loss can be calculated for the purposes of determining tax liabilities. This classification was the same as stocks, properties and other types of assets that people typically “invest” in, in an effort to derive a profit.
Since that time our platform has helped many businesses and individuals who signed up each subsequent tax season to ensure that they were being compliant and efficiently preparing their documents to file. Without Libra, the process would have been quite a headache.
In the process of creating a tax compliance solution, however, it became very clear that many other users were using our platform for something that had nothing to do with taxes. We saw first-hand how many businesses and individuals often had all kinds of transactions and balances on multiple wallets and exchanges, and how difficult it was to figure exactly how they were performing over various time frames. As a result, we’ve integrated with just about every major wallet and exchange provider. After reaching that milestone the next step was very clear. All of our users in the United States were very happy with their new-found ability to be able to track their performance efficiently, including being able to visualize how everything is performing, as well.
Yet, even though our US users were dialed in – we were also consistently getting requests from many of our international users. What about all of the other currencies around the world – can we use Libra, too?
As of today, yes you can. Libra now supports the following major currencies in addition to the US Dollar:
- Australian Dollar
- British Pound
- Canadian Dollar
- Chinese Yuan
- Japanese Yen
- Singapore Dollar
- Swiss Franc
…and more are on the way!
Also, for a little taste of what else we have in store, this update is in preparation for upcoming support of currency trading pairs and other asset types, which will take Libra one step closer to being universally compatible with any ledger or any asset.
Have any questions or feedback about this update? Please shoot us an email and let us know! 🙂