By Keith Griffith
Dailymail.com
Bitcoin slumped back below $40,000 amid reports the Treasury Department wants all cryptocurrency transactions over $10,000 to be declared to the IRS
In a report issued on Thursday, the Treasury described new compliance proposals from President Joe Biden, including mandatory tax reporting for transactions of $10,000 or more for Bitcoin and its rival cryptocurrencies.
Explaining the proposal, a Treasury Department spokesman said: ‘Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.
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https://www.dailymail.co.uk/news/article-9600487/Bitcoin-holds-steady-40-000-plunging-30-day.html
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