President Biden's administration is seeking to update United States regulations to crack down on the widespread use of cryptocurrency for tax evasion purposes.
is rolling out new regulations on the cryptocurrency sphere to crack down on widespread tax evasion utilizing the technology.
"This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules," the Treasury said in a statement on Friday.
It continued, "These regulations align tax reporting on digital assets with tax reporting on other assets, and, as a result, avoid preferential treatment between different types of assets." is seeking comments and feedback on the proposed regulations until Oct 30. A public hearing on the issue is scheduled for Nov. 7.
Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing, China.
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