IRS will look to social media to find crypto tax dodgers – July 9

📈 30 Second Price Summary

Current Bitcoin Price$12,571

On average, the crypto market is up just under 4% today. Bitcoin is up 6%, while Ethereum and XRP are up and down 1-1.5% respectively. Further afield, the charts are a splattering of both red and green, but most coins have only shifted a percent or two in either direction. The exception is Chainlink, which is down 11% today.

Top Stories for 9th July 2019 🔥

👉 IRS will look to social media to find crypto tax dodgers

Until now, cryptocurrencies have been a popular choice for those looking to sell goods and services or trade markets without paying any tax. After all, cryptocurrency transfers certainly aren’t as easy to track as bank transfers.

Reports suggest that the IRS will effectively begin an electronic surveillance regime to find undeclared cryptocurrency stashes. Supposedly, the tax authority will look to social media for signs of cryptocurrency ownership that hasn’t been reported in tax returns.

👉 China completes internal approval to launch own coin

Over the last year or two, we’ve seen governments taking a much greater interest in cryptocurrencies. What with Venezuela launching its own “cryptocurrency”, the Petro, it was a matter of time until others followed.

China has completed the internal approval processes needed to begin work on its central bank’s digital asset. Reportedly, development has already begun on the cryptocurrency.

👉 More than 20,000,000 addresses have a dollar of BTC

There are a lot of different metrics for measuring cryptocurrency adoption, but a rather rudimentary one is the number of active addresses on a blockchain.

Supposedly, more than 20,000,000 Bitcoin addresses — yes, twenty million — now hold more than a dollar of Bitcoin!