The signs of upcoming crackdown in the Cryptocurrency by the US government continue to grow, with reports that indicate that the new Biden Executive command can intensify the approach to the White House to non-traditional finance. The news followed up on previous commitments by President Biden to unite 30 countries around the world in an effort to overcome “cyber threats,” including potential MESUS Crypto.
In a statement in the month of Cybersecurity awareness, Biden highlighted the possibility of problems such as attacks on critical infrastructure and ransomware as important points. “This month, the United States will unite 30 countries to accelerate our cooperation in fighting virtual world crime,” said the President, “increasing the collaboration of law enforcement, stemming the use of prohibited cryptocurrency, and involved in this issue diplomatic.”
Meanwhile, in a report today, the President is said to be considered responding to the response to the increase in crypto use at home as well. The new executive order is said to be in work, which will instruct “the federal agent to study and offer recommendations on relevant Crypto fields,” Bloomberg said based on sources that are familiar with the proposal.
It will include financial, national security, and economic innovation regulations, said. The order has not been completed, and details can change before the announcement is made.
However, it is not surprising that the government must pay attention to crypto like that. The attitude towards alternative currencies throughout the world has vary greatly, from direct suspicion and prohibition on Crypto mining in China, to countries such as El Salvador which added Bitcoin as a parallel legal tender. At El Salvador, even though the US dollar is still used, Bitcoin will be accepted next to it. The state plan – controversial – to mine coins using energy from volcanic sources.
In Europe, meanwhile, the European Central Bank confirmed earlier this year that it explored the possibility of its own “digital euro” currency. Virtual coins cross-border will be based on direct claims at the central bank itself, the ECB shows, in an effort to convince users that the bottom will not suddenly come out of the market.
For the US, with the potential of Crypto such as Bitcoin, Ethereum, and more unusual coins such as dogs to use in illegal ways, the other angle of interest has ensured that the trade, or use, Cryptocurrency does not do so avoid tax liabilities. In 2020, the US Treasury proposed a new rule of Crypto transactions, which means the transfer is equivalent to $ 10,000 or more needs to be reported to the IRS.
“Cryptocurrency has caused significant detection problems by facilitating illegal activities widely including tax evasion,” The Treasury suggested at the time. It follows the reminder by the IRS in 2019 that profits in coins such as Bitcoin will indeed be considered income, and must be reported on the SPT of individuals or companies.