U.S. Treasury Secretary calls for tighter reporting rules on crypto transfers

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U.S. Treasury Secretary calls for tighter reporting rules on crypto transfers

On July 7, 2021, the representations of the Bitcoin cryptocurrency are seen in the picture illustration taken by him. REUTERS Edgar Su Illustration

Bitcoin tumbled to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service called for lawmakers to provide authority for tighter reporting rules on crypto transfers.

Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the IRS to collect information on cryptocurrency transfers valued up to $10,000, which generally go unreported.

Rettig said before the Senate Finance Committee that the market capitalization of crypto is more than $2 trillion, with more than 8,600 exchanges worldwide. By design, most crypto virtual currencies are designed to stay off the radar screen so we will be challenged right now. Earlier, a spokesperson for British fund manager Ruffer Investment Management confirmed that it is exiting its bitcoin bet in April with a $1.1 billion profit amid fears over risk following quick gains in the cryptocurrency's price.

Ruffer made its Bitcoin bet in November, and then published one of the largest signals of the growing institutional interest in the digital currency. By mid-December it was valued on 550 million pounds and was valued at around 550 million pounds.

Long term, we are strongly interested in real assets and the role they can play in digital wealth protection, the spokesperson said. Almost 2 years after the sharp increase in bitcoin prices, we felt that bitcoin was showing more risk than expected on the long term.

Ruffer's bitcoin profit was first reported in The Sunday Times.

Meanwhile, BTC, a prominent bitcoin corporate investor, has increased the size of a junk bond sale to help buy more bitcoins, now targeting $500 million, Bloomberg News reported on Tuesday. Last trading was $32,055. 20, down 4.5% on the day. It has dropped to $31,025, the lowest price since a shakeout on May 19 dropped it to about $30,000 for the first time since January.

The cryptocurrency has declined in April by half after a record $65,000 hit.

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