According to the statement made by the US Internal Revenue Service (IRS), businesses do not have to report some cryptocurrency transactions until new regulations are prepared.
Within the scope of the law that came into force in the USA on January 1, businesses in the country 10 thousand dollars and above It was required to report cryptocurrency transactions of high value in a similar way to cash transactions.
Coin Center, a Washington-based crypto research center, said its implementation “will impose a regime of mass control on ordinary American citizens.” He argued that the relevant article in the law was unconstitutional and filed a lawsuit against the Revenue Administration.
In its statement on the subject yesterday, the IRS said, “Treasury and the IRS intend to introduce some regulations to provide additional information on how to report invoices for digital assets and to provide the public with the opportunity to comment both in writing and, if requested, through a hearing.” said.