March 29, 2024

US government wants to expand taxation of cryptocurrencies to add $ 28 billion to the treasury

US government wants to expand taxation of cryptocurrencies to add $ 28 billion to the treasury

The U.S. Congress is considering an addition to the infrastructure bill that would expand taxation of digital assets. This could increase treasury receipts by $ 28 billion.

According to the draft document, allorganizations and platforms involved in the transfer of cryptocurrencies and their derivatives will be required to file a tax return in accordance with the new regulations. They will be required to report the movement of any digital assets as well as cash. Companies will also be required to reportInternal Revenue Service on customer transactions over $ 10,000

According to legislators, if thesechanges, the treasury could be replenished by $28 billion due to fees from crypto investors and service providers related to digital assets. Potentially, the latter could include miners and wallet developers.

All collected funds from the extended taxation of cryptocurrencies will be directed to the development of the country's transport and energy infrastructure.

Representatives of the cryptoindustry have already begun to criticize the plans of Congress, arguing that many companies now simply do not have the ability to collect the necessary information.

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