US wants cryptocurrency transactions over $ 10,000 to be announced

Cryptocurrencies are one of the hottest topics in the tech segment today. But while many see its benefits, there are others who look with caution and apprehension at the rising value of digital currencies.

In this sense, the new plans of American President Joe Biden suggest that people and companies are announcing transactions with cryptocurrencies in excess of $ 10,000.

Every day we have news from the cryptocurrency market. From already recurring fluctuations in value to new digital currencies that are starting to grab the attention of users, such as share it's in ICP... But there are also many lines written about brakes and air conditioning, which several countries use in this market.

US wants more than $ 10,000 worth of cryptocurrency transactions announced

According to Joe Biden's new tax proposal, individuals and companies will have to declare transactions made in cryptocurrencies in excess of $ 10,000.

The US Treasury released on Thursday (20) a report with new proposals for declarations in the country. And one of the proposed changes is to declare transactions worth more than $ 10,000 in digital currencies. Thus, the goal is to help fight tax evasion and financial crime.

According to the Treasury report,

Cryptocurrencies are already a major problem to detect as they greatly facilitate illegal activities, including tax evasion. This is why the president's proposal includes additional resources for the IRS to manage digital asset growth.

The context of the new financial reporting regime will also include cryptocurrency and cryptocurrency exchanges, as well as related payment services.

In addition, as with cash transactions, companies that receive digital assets worth more than $ 10,000 must also report this movement.

The proposals are thus part of the Biden administration's plan to "increase revenues, improve efficiency and create a fairer tax system."

If this proposal is approved, US citizens and companies will have to start declaring these cryptocurrency transactions in Internal Revenue Service (IRS).

Do you agree with Joe Biden's proposal?