US Government admits that crypto is here to stay

By Lukros76 | Crypto Banter | 20 May 2021

So the president of the US, Joseph Robinette Biden, proposed a tax for crypto transactions and businesses to have to report transactions larger than 10,000$ to the IRS, whatever that is. Essentially they are now making it easier for the IRS to tax people and companies for crypto transactions in a way that is "a traditional standard" for all types of financial transactions. And this might seem like a bad thing, and it is in part...

Since up until now the government was quite concerned with being unable to stop people from essentially evading taxes by turning their money into crypto cause there was no way for them to even know if people held any. It was tax evasion, as all tax evasions are useful to the people using em just like in this case.

Now why do I say crypto is here to stay? Here is a quote

"Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime,"

With both that quote and the proposal itself, it seems like they have just up and accepted the fact that stopping crypto is impossible and banning it would obviously be a bad idea or at least one that would take a lot of time and get a lot of hate from people. This is a great sign in essence cause it's one less thing to think about and with the US being the second largest amount of global crypto happenings, from mining to transactions, it's only natural that this is a good thing for everyone.

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A Video Game Designer, Crypto Enthusiast, Writer and an ASMRtist

Crypto Banter
Crypto Banter

Random crypto banter on my side. Nothing in particular just thoughts and ideas.

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