While the cryptocurrency market is going through a rough patch, the Biden administration decides to neutralize the fiscal blind spot that cryptocurrencies represent. As part of its tax reform, it proposes to include them in tax returns.

Cryptocurrency transactions “will be monitored,” Washington says, and “additional resources” will be allocated to the IRS, the tax authority, “to cope with the growth of cryptocurrencies.” Thus, “companies that receive amounts in cryptocurrency should thus be required to declare them in excess of 10,000 dollars,” the Treasury Department said on Thursday, in a document that details measures to reduce

Washington believes that even though cryptocurrencies currently represent only a relatively small portion of business revenue, these transactions could likely increase in importance over the next decade.