Andrew Howlett was quoted regarding tax reporting obligations for bitcoin transactions. Failure to report and pay tax on gains realized from bitcoin transactions could result in civil penalties or even criminal liability, Howlett said. "Taxpayers will need to know the exact price at which they purchased and sold a given bitcoin or fraction thereof, and specifically identify which bitcoin was used for each transaction," he said. "For taxpayers with multiple bitcoin transactions per year, these calculations and identifications may be quite complex. Even with assiduous record-keeping taxpayers using bitcoin are likely to run into a number of unresolved questions about the taxation of these transactions."