The paper emphasized the possibility to disguise the government revenue from virtual currency and cash.
The American Treasury department calls on companies to disclose to the Internal Revenue Service, who accept transactions of over $10,000 in cryptography.
The transactions in US currency are equivalent to $10,000 and more. Virtual currencies and cash were identified as potential means to hide revenues from the government in the financial report.
“Therefore, bitcoin transactions are anticipated to increase in importance in the next ten years despite a relatively modest amount of business income now, especially in view of a comprehensive financial reporting system,” the agency said.
The Financial Crime Enforcement Network (FinCEN) advocated in November that the threshold to collect and store transfunds should be cut from $3,000 to $250 for all transactions outside the United States — from cryptography and/or fiat.
In December, FinCEN suggested a regulation mandating crypto-exchanges to gather counterparty information for transactions sent to unhosted carriers, known as ‘Convertible Virtual currency or digital asset requirements for certain transactions.’
