bsc.news/ – US President Biden’s administration is pushing to add data sharing stipulations to the upcoming infrastructure bill.
The stipulations would require cryptocurrency exchanges to report any foreign individuals with accounts on US-based exchanges.
The data would be exchanged with other governments in order to identify US-based users of foreign crypto exchanges in an effort to increase taxing.
“The new system would be similar to obligations under a 2010 law that requires certain foreign financial institutions to report information on U.S taxpayers’ accounts to the IRS,” Roll Call’s Laura Weiss reported.
This is news likely to be met with a negative reception from many users who are seeking full decentralization.
Tax evasion is a real concern with cryptocurrency, however, and data collection is a legitimate way to combat the issue.
