US infrastructure plan tightens tax collection on cryptocurrency

Published by
AFP

Washington (AFP) – The giant US infrastructure bill that won Senate approval on Tuesday counts on getting some of its funding from cracking down on tax evasion by people profiting off cryptocurrency. A hotly-contested provision of the enormous text of the legislation clarifies the US Treasury’s authority to tax profits from digital assets just as it does sales of traditional stocks. The crypto industry pushed back strongly, trying to derail or at least modify the clause, claiming it violated the privacy of software and hardware engineers involved in the creation of the digital assets. However,…

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