The US National Treasury issued a report which defines new regulatory terms for cryptocurrencies. Transactions worth $10.000 and more must be reported to the IRS.
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This proposal was made in terms of president Biden's suggested American Families Plan. It puts forward a number of changes like increasing revenue, upgrading efficiency and tax system. The national treasury says in the release that crypto presents a big tracking problem by making illegal operations and tax evasion easier.Next, the report points out that despite crypto transactions introduce a relatively small percentage of business revenue presently, their importance will probably grow in the following decade especially in the circumstances of widely financial account reporting.
The new changes suggest covering crypto exchange and remittance accounts that allow cryptocurrencies. Recently, the prices of most cryptocurrencies saw huge declines. The entire market cap stands at around $1.76 trillion.