As the U.S. Treasury Department cracks down on tax evasion and illegal activity through cryptocurrency transactions, the Department has issued a new release requiring all transfers worth $10,000 or more to be reported to the IRS.
With the department estimating the difference between taxes owed and taxes paid to the U.S. government at nearly $600 billion in 2019, the Biden administration is looking for ways to ensure that the government gets the tax money it is owed.
The recent move by the U.S. government, Tesla’s decision to stop using Bitcoin as a means of payment, and China’s ban on its financial institutions from trading in Bitcoin and other cryptocurrencies have all been blamed for the recent fall in the price of cryptocurrencies, particularly Bitcoin, which saw its value fall by more than 25% in that month.
For more information, read the original story in Apple Insider.