Biden crypto executive order tipped to tighten rules on Bitcoin & others
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Still, it’s unsurprising that the government should be paying such attention to crypto right now. Attitudes toward alternative currencies around the world have varied considerably, from outright suspicion and bans on crypto mining in China, through to countries like El Salvador adding bitcoin as a parallel legal tender. In El Salvador, though the US dollar remains in use, bitcoin will be accepted alongside it. The country plans – controversially – to mine coins using energy from volcanic sources.
In Europe, meanwhile, the European Central Bank confirmed earlier this year that it was exploring the possibility of a “digital euro” currency of its own. The cross-border virtual coin would be based on a direct claim on the central bank itself, the ECB pointed out, in an attempt to reassure users that the bottom wouldn’t unexpectedly drop out of the market.
For the US, alongside the potential for crypto like bitcoin, ethereum, and more unusual coins such as doge to be used in illegal ways, another angle of interest has been ensuring that those trading in, or using, cryptocurrency aren’t doing so to avoid tax liabilities. In 2020, the US Treasury proposed new rules about crypto transactions, which would mean transfers to the equivalent of $10,000 or more would need to be reported to the IRS.
“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury suggested at the time. It followed a reminder by the IRS in 2019 that gains in coins such as bitcoin would indeed count as income, and should be reported on an individual or company’s tax return.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
October 12, 2021 at 7:58 PM #449433lownslowParticipant
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Man, between the $600 bank snooping irs thing, and now the crypto crackdown, it seems like more invade the privacy of the little guy.
October 12, 2021 at 8:49 PM #449437jbnwParticipant
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October 26, 2021 at 1:31 PM #451617VoltairineParticipant
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ban of crypto made hardly a dent. US is smaller than China, and already largely out of crypto evolution, so there’s not much Biden and Fed can do, except cry and moan.
Meanwhile, Putin said that some crypto might become oil trading currency, though the time is not yet ripe for that. The collapse of petrodollar empire intensifies.
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