5800 Cryptocurrency (All Programs) -

Cryptocurrency such as Bitcoin, Ethereum, Litecoin are methods of storing and trading money.  The price at which a cryptocurrency asset would be sold in a transaction involving market participants at a specified time and date would be considered its fair market value. Cryptocurrency asset market value shall be determined by converting the currency into USD using the exchange rate listed on the exchange that the cryptocurrency is stored in.  Example: if a Bitcoin is purchased or held on the “Coinbase” exchange, the rate listed on that exchange shall be used to determine USD value.

Cryptocurrency assets are countable resources, and any gains shall be considered dividends and any losses as decreases in value of resource.

Loans made in cryptocurrency are considered loans and are exempt, if there is documentation of a repayment agreement signed by both parties (KEESM 6410.38).  

Withdrawn cryptocurrency or dividends shall be regarded as unearned income in the month in which they are received or reasonably expected to be received.   Salaries, wages or self-employment income paid in cryptocurrency are considered earned income. Follow budgeting processes outlined in KEESM 7100.

Cryptocurrency accounts must be verified only if resource is close to the resource limit, or if questionable.  Any dividends, salaries, wages or self-employment income must be verified.