; (C) in subparagraph (B), by inserting or after futures contract, ; (D) by inserting after subparagraph (B) the following: (C) virtual currency. ; and (E) by striking if such bullion and inserting This paragraph shall only apply to bullion which ; and (2) by adding at the end the following: (4) Virtual currency defined For purposes of this subsection, the term virtual currency means a digital representation of value that is used as a medium of exchange and is not currency (within the meaning of section 988). . (b) Effective date The amendments made by this section shall apply to sales or exchanges on or after January 1, 2017. 8. Certain exchanges of virtual currency treated as non-taxable exchanges (a) In general Section 1031 of the Internal Revenue Code of 1986 is amended— (1) in the heading, by striking real property and inserting certain property