By stephen H Akin
This week both the Treasury and Federal Reserve have come out with statements on the world of Bitcoin and, other crypto currencies.
1) The Treasury Department announced that it will require any transfer worth $10,000 or more to be reported to the IRS.
2) “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.
3) Investors have seen the value of bitcoin slide about 25% over the past month and talk of capitulation creep into online forums.
The full text to the statement can be found at this link:
The Treasury has released "The American Families Plan Tax Compliance Agenda" https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf