IRS exempts taxpayers from paying tax obligations on gaming transactions using cryptocurrencies

According to CryptoNews, the US Internal Revenue Service (IRS) has recently revised the wording on its web page, and US taxpayers have been released from tax liabilities for gaming transactions using cryptocurrencies. The IRS website removes Fortnite and Roblox's Robux and V-bucks gaming currencies from the taxable currency list. These currencies also include Bitcoin (BTC) and Ethereum (ETH). According to a report by the US Government Accountability Office (GAO), U.S. taxpayers are still in a fog over how to handle cryptocurrency holdings and transactions.