Bitcoin LAST MINUTE: According to Bloomberg, the United States Treasury Department wants cryptocurrency transfers in excess of $ 10,000 to be reported to the Internal Revenue Service.
As with cash transactions, businesses buying crypto assets with a market capitalization of more than $ 10,000 will also be reported.
The new proposal is part of the Biden administration’s renewed implementation plan.
The Treasury warned in its proposal of “significant” tax evasion risks associated with the new asset class.
Biden management is also trying to double IRS staff to keep track of cryptocurrencies.
Bitcoin fell 6%
Bitcoin dropped 6% and dropped below the $ 40,000 level as these news were served.