Oregon Administrative Rules
Chapter 461 - DEPARTMENT OF HUMAN SERVICES, SELF-SUFFICIENCY PROGRAMS
Division 145 - TREATMENTS OF SPECIFIC ASSETS
Section 461-145-0583 - Virtual Currency or Cryptocurrency
Universal Citation: OR Admin Rules 461-145-0583
Current through Register Vol. 63, No. 3, March 1, 2024
(1) As used in this rule:
(a) "Cryptocurrency" is a type of currency
available in virtual or digital form that functions as a medium of exchange
with no central banking or regulating authority.
(b) "Day trading' is the buying and selling
of cryptocurrency within the virtual market. The
cryptocurrency market continuously runs because it is a
worldwide market.
(c) "Mining" is a
way to receive cryptocurrency (see subsection (a) of this
section) through solving a series of mathematical problems. "Mining" requires a
computer, an external hardware setup, and a special computer software program.
To receive cryptocurrency through "mining", multiple people
worldwide are attempting to solve a series of complicated mathematical problems
via the "mining" software, and each receipt of cryptocurrency could require
millions or billions of guesses at mathematical problems. The person to solve
the final mathematical problem is the one to receive the
cryptocurrency.
(d) "Wallet" is a way to store records of
cryptocurrency transactions. Each
cryptocurrency is assigned a public address, and when stored
in a "wallet" the cryptocurrency is assigned a private key for
protection. The cryptocurrency public address and private key
are stored on a computer, mobile device, internal or external computer
hardware, or a piece of paper and protected by private keys.
(2) In all programs, cryptocurrency is treated as follows:
(a)
Cryptocurrency received
as a payment from an employer is considered earned income(see
OAR 461-145-0130).
(b)
Cryptocurrency received in exchange for services or products
provided may be either considered income from self-employment if the individual
meets the self-employed criteria in OAR 461-145-0910(2) or OAR 461-145-0915, or
considered earned income.
(c)
Cryptocurrency received
as a gift is treated in the same manner as a gift in the form of money (see OAR
461-145-0210).
(d)
Cryptocurrency received through mining (see
section (1) of this rule) is considered unearned income.
(e)
Cryptocurrency received
through an online casino is considered winnings (see OAR
461-145-0210).
(f) In all programs
except the QMB-BAS, QMB-SMB, and QMB-SMF programs, the day
trading (see section (1) of this rule) value of
cryptocurrency is counted as a resource.
(A) After the month of receipt,
cryptocurrency stored in a wallet (see
section (1) of this rule) is counted as a resource.
(B)
Cryptocurrency stored
in a wallet can be converted to liquid assets and follows the
availability of resources rule (see OAR 461-140-0020).
Statutory/Other Authority: ORS 329A.500, 409.050, 411.060, 411.070, 411.404, 411.816, 412.014, 412.049, 413.085 & 414.685
Statutes/Other Implemented: ORS 329A.500, 409.010, 411.060, 411.070, 411.404, 411.816, 412.014 & 412.049
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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