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The US authorities will take control of all cryptocurrency transactions

The US authorities will take control of all cryptocurrency transactions

The US Internal Revenue Service (IRS) has requested an increase in funding to strengthen oversight in the crypto sphere.

According to the head of the IRS Rettig, the agency needs the authority to track all transfers in cryptocurrency in the amount of 10 thousand dollars.

The Tax Service expects an increase in the budget for 2022 to expand the capabilities of tax administration in the field of cryptocurrencies and the fight against cybercrime.

The capitalization of the crypto market has increased to $ 2 trillion, while the cryptocurrencies themselves are arranged in such a way as to remain out of sight, Rettig noted.

The IRS plans to create a complete internal dashboard of cryptocurrency blockchains.

In addition, it is proposed to impose obligations on crypto brokers and crypto exchanges to disclose information about their customers. In the tax form 1040, there will be items related to cryptocurrencies, which will simplify tax control in this area.

Under Rettig, the IRS launched activities to collect information about users of crypto exchanges that can evade taxes. In April, it became known that the agency is looking for a company that would provide it with tools for hacking hardware crypto wallets.

In an earlier green paper, the Biden administration made it clear that efforts to tax cryptocurrencies are aimed at narrowing the so-called tax gap.

According to IRS estimates, the US government's shortfall in taxes could recently increase to $ 1 trillion a year due to the emergence of new sources of income, including cryptocurrencies.

Meanwhile, the commissioner of the US Securities and Exchange Commission (SEC), Hester Pierce, in an interview with the Financial Times, said that too strict regulation of cryptocurrencies can harm financial innovation.

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Currency market overview for the week 26-30 of July, 2021
Currency market overview for the week 26-30 of July, 2021 At the end of the last week, almost all major currencies showed a decline. The Australian dollar showed the largest decline against the US dollar (-0.79%). A smaller drop was recorded by the New Zealand dollar (-0.62%), the British pound (-0.39%), the Canadian dollar (-0.24%), the Japanese yen (-0.22%) and the euro (-0.19%). Only the Swiss franc grew (+0.04%).On Monday, the US dollar fell significantly against a basket of other currencies, as investors ' attention turned to the meeting of the US Federal Reserve System. The euro rose significantly against the US dollar, despite the data on Germany. The IFO business climate index unexpectedly fell in July due to ongoing concerns about the supply chain and an increase in the number of coronavirus infections. 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