The Biden government’s proposal to hunt down tax evaders is being extended to the world of cryptocurrencies. The International Internal Revenue Service (International Internal Revenue Service) added cryptocurrency content to its personal tax returns in 2020.

The U.S. Treasury Department stated that the Biden administration’s proposal to strengthen tax compliance includes a requirement to transfer at least $10,000 of cryptocurrency and report it to the Internal Revenue Service.

The U.S. Department of the Treasury said in a report on taxation recommendations released on Thursday: “Like cash transactions, companies that accept crypto assets with a fair market value of more than $10,000 will also be reported.”

The Ministry of Finance stated that a comprehensive report is necessary “to minimize the incentives and opportunities for transferring revenue from the new information reporting system.” It pointed out that cryptocurrency only accounts for a small portion of current business transactions.

In the IRS announcement, Bitcoin cut the rout of Wednesday’s rout, which reduced the price of the token by approximately $3,000. As of 12:33 pm New York time, it was up 3% to close to $39,000. Stocks linked to cryptocurrencies, such as Coinbase and MicroStrategy, have also reversed their gains.

The U.S. Internal Revenue Service (IRS) added a word about cryptocurrency to Form 1040 (Individual Tax Return) in 2020, in order to gain a deeper understanding of virtual currency transactions.

President Joe Biden’s government also called on banks to report account traffic to help improve tax compliance.

The Ministry of Finance stated: “By extensively promoting illegal activities, including tax evasion, cryptocurrency has posed a major investigation issue.”