Crypto Lovers, Bitcoin Cs Bad News Comes from Joe Biden
The bad news for cryptocurrencies comes from the United States (US). The US Treasury Department announced it would take steps to crack down on the Bitcoin cs market and transactions.
In a release, the Ministry of Finance, led by Janet Yellen, said that any transfer using crypto assets worth US $ 10,000 or more needs to be reported to the Internal Revenue Service (IRS). The Internal Revenue Service is the US federal government agency that collects taxes and establishes domestic income laws.
" Crypto is already causing significant detection problems by facilitating widespread illegal activity including tax evasion," the agency said in a release as reported by CNBC International , quoted Friday (21/5/2021).
"This is why the President (Joe Biden) submitted a proposal for additional resources for the IRS to address the growth of crypto assets."
The announcement comes as part of US President Joe Biden's administration's efforts to crack down on tax evasion and promote compliance in the sector. He has previously applied for financial and technology support for the IRS.
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