US Treasury To Expand Crypto Reporting Requirements, Citing Tax Evasion – May 31

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $37,001

Bitcoin price is looking stable to begin the week, crossing $37,000 after bouncing off support near $34,200.

Top-20 altcoins have done well over the last 24 hours of trading, with Ethereum up 8%, XRP jumping 16% and Binance Coin gaining 6%.

Top Stories for May 31, 2021 πŸ”₯

πŸ‘‰ US Treasury To Expand Crypto Reporting Requirements, Citing Tax Evasion

The US Treasury has proposed to expand reporting requirements of crypto-related entities, citing “tax evasion using crypto assets”. The intention is outlined in the Treasury’s recently-published explanations for the Biden administration’s wider budget proposal.

Cryptocurrency exchanges, custodial wallets and more will be required to report the beneficial owners of user accounts, to be submitted to automated international reporting networks.

πŸ‘‰ China’s Digital Yuan Will Use Smart Contracts – PBoC Executive

Former People’s Bank of China (PBoC) director Yao Qian says that the country’s digital yuan will utilize smart contracts, in order to fulfil its digital potential.

Qian, speaking at Beijing’s the International Finance Forum, also stated that the central bank digital currency will be built to counter private payment platforms like AliPay, which have become increasingly popular.

πŸ‘‰ A16z To Double Size Of Third Crypto Fund To $2B

According to VC writer Eric Newcomer, Andreessen Horowitz (a16z) may raise up to $2 billion for its newest cryptocurrency-related fund – its third crypto fund to date.

The company will charge a 2.5% management fee for “most of the first decade of the fund”, which places estimates at $50 million annually.