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French-German Minister calls for G20 Crypto Discussion
Officials from France and Germany are calling for the G20 group of nations to discuss cooperative action on cryptocurrencies ahead of a summit in this coming month. The French and German Finance ministers voiced concerns about the imact of cryptocurrencies.
"We believe there may be new opportunities arising from the tokens and the technologies behind them,"
But, also highlights the amount of risk.
https://www.coindesk.com/french-german-finance-ministers-call-for-g20-crypto-discussion/
Photo Credit: cointelegraph.com
IRS forms Crypto Tax team
The US IRS has assembled a team of 10 investigators for international crime as well as finding tax evaders using cryptocurrency.
Chief of IRS stated
“It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.”
Even though a recent study showed crypto was used at a much lower rate than fiat for laundering, this still is something we all expected.
They started their plight in March 2014, where their original request for records of over 500,000 users was denied by courts and reduced to just 14,000 users that reportedly had high trading activity over $20,000. Cryptocurrency is to disrupt and innovate, keep going towards decentralization.
https://cointelegraph.com/news/irs-forms-new-team-to-track-down-crypto-tax-evaders
Arizona pass bill for Crypto Tax payment
Last month a group of lawmakers proposed a bill that if passed would enable taxpayers to pay taxes using bitcoin or other cryptocurrencies. Public records show that on Feb. 8 by a 16-13 margin, with a one no-vote. This measure is now being sent to the state's House of Representatives. The bill includes the currency being sold within 24 hours, to fiat.
Arizona state rep said in a news report-
"It's one of a litany of bills that we're running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future,"
https://www.coindesk.com/arizona-senators-pass-bitcoin-tax-payments-bill/
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