Bad! US Treasury Wants Crypto Transactions Reported To IRS - Kakiforex.com - Financial Market Media No. 1 in the World Bad! US Treasury Wants Crypto Transactions Reported To IRS Bad! US Treasury Wants Crypto Transactions Reported To IRS

May 22, 2021

Bad! US Treasury Wants Crypto Transactions Reported To IRS

 The U.S. Treasury in its latest announcement said the government wants any crypto transactions worth $ 10,000 or more reported to the Internal Revenue Service (IRS).


Not only that, just like cash transactions, any firm that receives a crypto asset with a market value equal to over $ 10,000 must also report to the IRS.


The US Treasury does not seem to want to ‘soften’ with the crypto sector, introducing new laws due to the growing negative stigma.


The law is expected to take effect in 2023, leaving room for crypto investors to be prepared.



Previously, Treasury Secretary Janet Yellen, who is known for her skepticism towards the crypto market, has repeatedly claimed that the sector, especially Bitcoin (BTC), has led to a surge in criminal activities, especially money laundering and terrorist financing.


Yellen has also made a u-turn, claiming that cryptocurrencies benefit the country, including allied countries, because they are able to improve the financial system.


The price of Bitcoin saw a 5% decline after the news, diving below $ 40,000 for the second time at midnight last night.


At the time of writing, BTC is trading at $ 41,446, up nearly 12% in 24 hours.