US Treasury proposes tax for cryptocurrency transfers

OHIO: The US Treasury Department on Thursday (Friday in Manila) called for a tax on transfers of cryptocurrencies between businesses as it looks to raise revenue to pay for a $1.6-trillion spending proposal aimed at expanding education and social protection.

The idea, part of a larger effort to fund the American Families Plan, including through increased taxes on the wealthy, would require "businesses that receive cryptoassets with a fair market value of more than $10,000" be reported to the Internal Revenue Service (IRS) tax authority.