Cryptocurrency transfers of more than $10,000 will have to be reported to US tax authorities under new Biden administration proposals that come amid a tightening of the regulatory environment for digital coins.
The US proposal, unveiled a day after China signalled a regulatory crackdown of digital currencies, is part of a broad set of proposals aimed at curbing tax evasion.
The price of bitcoin, the most actively traded cryptocurrency, fell 5 per cent after the US announced its proposal.
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