Privacy coin Monero soars 31% in U.S. tax plan

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Coincidentally, the tax plan proposed by the US President Joe Biden will require more than 10,000 US dollars (that is, the privacy coin Monero (Monero (XMR) It rose 31% on Friday.

Biden’s American Family Tax plan Require exchanges and custodians to implement stricter reporting measures to help detect tax evasion and money laundering. Banks and financial institutions will also be required to report account inflow/outflow information to the IRS to help find unreported income.

Ministry of Finance Agenda The report released on Thursday pointed out that cryptocurrency business activity is still relatively small, but it is expected to increase in the next ten years.

The report stated: “Although cryptocurrency transactions account for a relatively small proportion of business income today, their importance may rise in the next ten years, especially in the presence of a broad-based financial account reporting system.”

Just 24 hours later, Monero is ahead of the top 100 cryptocurrency market capitalization chart with a growth rate of 31%. The price of the coin climbed from $230 overnight to $304. Since the market crash on Wednesday, Monero fell to a three-month low of $165. It has now rebounded by 84%.

There are complementary technologies that can anonymize the transactions of many well-known cryptocurrencies, but Monero is still one of the few coins Out of privacy And by market value, it is the largest of its kind.

Monero was launched in 2014 and has since gradually become the currency of choice in the dark web drug market, replacing more well-known coins such as Bitcoin (Bitcoin) Last few years.Blockchain analysis poses a threat to anyone using Bitcoin in the dark web, from Drug dealer to anonymous reporter. Monero transactions cannot be tracked in the same way. This technology has attracted the attention of government agencies around the world, many of which have offered rewards to those who can make opaque cryptocurrencies transparent.

Google Trends data shows Monero Search interest In the past year, the price of Bitcoin has risen by nearly 1,000% because the price of the token has increased by 1,300% from its March 2020 valuation of $34. Despite the surge in interest, historical search queries are still a quarter of what they were in December 2017, when Monero’s market capitalization was ranked in the top ten, making its position in the cryptocurrency store window more obvious.