Cryptocurrencies targeted by the US Treasury

Cryptocurrencies targeted by the US Treasury

The American authorities are taking new measures to regulate cryptocurrencies.

Slowly but surely the American authorities are advancing in their regulation of cryptocurrencies. For some, it is a sign of their desire to kill a movement that poses a threat to the traditional means of payment they seek to monitor. For others, on the contrary, the regulation is good news because it will legitimize the use of cryptocurrencies, making them fully legal.

It is rather in the light of this second interpretation that we must examine the US Treasury’s proposal on Thursday to oblige financial intermediaries and individuals to report to the Internal Revenue Service (IRS) on any transfer of cryptocurrency from an amount equal to or greater than $10,000.

The US tax authorities thus deprive this form of payment of an advantage over ordinary currencies. When the regulation comes into force, using bitcoin, ethereum or litecoin will no longer allow hiding asset transfers. “Cryptocurrency poses…