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❕NEWS Another bad news: US planning to crack down on bitcoin.

Razor1911

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In another bad development, this time the Biden led US govt is mulling to crack down on the worlds largest crypto currency. People found holding crypto coins at large numbers, uninforming the authorities.


Micheal Hsu, Acting US comptroller of the currency told reporters that govt is focusing on techniques to a large and less regulated shadow banking system. He also said that govt is already in advance stage of implementation of regulation regarding crypto currencies.
 
I think people who owns a large amount should actually inform the authorities because there's a lot of Cryptocurrency scam it may prevent or atleast make them cautious a bit
 
That is very bad news. I thought that Biden would be different and not allow the banning of bitcoin. Anyway, I don't this will go through since so many people support bitcoin.
 
Do you have a clearer idea on what the crackdown would be? If they would ban Bitcoin then I think that should also apply to all other crypto currency. Maybe it is the tax that they are looking at. When the trading is in millions of dollars the government is losing the tax on the transactions.
 
The Biden administration has announced plans to impose tax reporting requirements on cryptocurrency transfers. The result has seen Bitcoin's value crash
 
I do not see regulation as bad news because there is really need for it in order for citizens to be given the right to invest in it.
 
I believe that various governments in the world to not fully understand cryptocurrency and the way in which it can be able to help their financial system. This is not a good news at all even more so is the fact that the United States population is one that drives cryptocurrency a lot and this is going to have a negative effect on bitcoin price.
 
As US continue to implement their target on Bitcoin,the more it grows in popularity and usage.
Alot of states in the UK have start adopting crypto currency and it's just a matter of time before states in the US will follow suits.
You can't fight what you don't know the root and that's while they plump in money to buy peoples attention from Investing in cryptocurrency.
 
US and many other countries may try to ban bitcoins but the voice of the crypto community globally is louder.
Yeah but I don't even see this happening not when they are major officials. even in the house supporting and even adopting the use of Bitcoin like the major so the loud voice from the community will stop them. This crack down might not happen for a long time I believe.
 
After the China ban ,another crackdown by the us government during this period would really cause a drastic fall that the price would really find it so difficult to rise and it would worsen the market condition by causing more insane fall
 

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