The President of the United States (US), Joe Biden, presented the draft budget for digital currency for the 2023 session yesterday.
It is understood the estimated revenue that the administration can generate could reach $ 11 billion in the period 2023 to 2032, together with the Department of Justice's (DOJ) efforts to address cyber threats involving ransomware and the use of cryptocurrencies.
$ 5 billion in revenue can be achieved through 2023 with the implementation of new laws related to accounting and financial reporting on digital assets.
Digital asset reports, including:
Reports from certain taxpayers for foreign digital asset accounts
Information reports by financial institutions and crypto brokers
Reports that classify loan securities as tax -free include asset classes and other income
The budget also mentions an allocation of $ 52 million for the appointment of more agents, improvements in response capabilities, and strengthening intelligence capabilities in terms of information collection and analysis.
The investment presented by Biden is in line with the administration’s strategy to tackle ransomware that disrupts activities and combats cryptocurrency misuse.
It is expected to take effect on December 31, 2022.
This is the latest development on cryptocurrencies in the country after Biden signed an executive order in early March.
