Topic: The US President New Restrictions on Crypto Businesses - page 2. (Read 220 times)
Very very sad days for crypto but it was obvious this was coming. Everybody knew crypto won't stay free of regulation for very long and that dark day has arrived. Maybe it is going to be good for crypto. In the end more regulation means it is not going to be banned by the government which is pretty bullish news for the long term. Don't lose hope. Stay strong.
Even if people panic sell what good will it do since you will still end up paying the tax you are running from in crypto!
Almost any means of earning especially big amount usually attract tax from the government if you leave in a country like us where paying tax is a mandatory requirement, except you can hide your assets or move to a country with less tax important.
Almost any means of earning especially big amount usually attract tax from the government if you leave in a country like us where paying tax is a mandatory requirement, except you can hide your assets or move to a country with less tax important.
Do you think it is just a short dumped for bitcoin and other cryptocurrencies?
What good it will do to the economy , to the government and to all crypto enthusiast?
I think this is for a short time dump it will start move soon. There was more this type of topic previous what causes BTC a sudden dump.
If the taxes are starting to pay in crypto it should be great for economic if it's uses in right way. But I think Its a restrictions for crypto enthuasist what is doing IRS. It will create a lot difficulty.
What's this non-sense crypto language that brings transparency to the IRS they're talking about? Looks like a FUD to me... Besides, isn't this an indication for global adoption?
Do you think it is just a short dumped for bitcoin and other cryptocurrencies?
Yes.What good it will do to the economy , to the government and to all crypto enthusiast?
Depends on what you're referring to. What will the taxes do to the economy or the fact that there'll be more regulation in the cryptocurrency industry? 
Some will say that this is a necessary sacrifice for global adoption.
Obviously, this bill was not written in our own interests. Regardless, this is just one of the steps we have to get by in order to reach the level of adoption we are seeking.
Price may be affected in the short term, like in many scenarios. However, having clear and concise rules for crypto tax reporting seems like a blessing in disguise; legitimizing bitcoin further.
All we can do is elect quality political candidates and hope they change many of these stipulations in the future.
Obviously, this bill was not written in our own interests. Regardless, this is just one of the steps we have to get by in order to reach the level of adoption we are seeking.
Price may be affected in the short term, like in many scenarios. However, having clear and concise rules for crypto tax reporting seems like a blessing in disguise; legitimizing bitcoin further.
All we can do is elect quality political candidates and hope they change many of these stipulations in the future.
Quote
"The new infrastructure bill signed by US President Joe Biden includes a crypto language that makes it easy for the IRS to bring transparency in crypto tax reporting"
This news has a negative impact in crypto market because it restricted crypto businesses and those with digital asset transactions worth more than $10,000 shall be reported to the Internal Revenue Services. Crypto market are now moving down and maybe this news will cause a panic selling.
Do you think it is just a short dumped for bitcoin and other cryptocurrencies?
What good it will do to the economy , to the government and to all crypto enthusiast?
Source:
https://www.coinspeaker.com/biden-infrastructure-bill-crypto-brokers/
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