Recently, many home businesses have relied on virtual currencies such as Bitcoin, and today the global market has announced that it is time to end the cryptocurrency hype.

A recent report indicates that 10 departments, including the venture capital firm, have announced the "notification of protection and exploitation of virtual financial institutions". Terrorists ”to clarify that activities related to virtual commerce are financially illegal and involved activities. Risk of speculation on the virtual currency exchange. Reform the operating system.

On the same day, the National Development and Reform Commission and 11 other departments issued a "Notice on the new development of virtual mining" mining, announcing that "mining" virtual mining activities will be considered. as a minor activity.

There was an immediately announced "earthquake" in the fiat world. Virtual rewards usually drop on this day. Bitcoin and Ethereum are down almost 10% in an hour. in mainland China. Huobi said he will complete the phase-out of consumer goods from mainland China by the end of this year. Platforms like Binhe and BiONE have chosen to go commercial.

According to the Daily Market, anonymity, distribution and other forms of virtual currency make them vulnerable to gambling, illegal money laundering, fraud, planning pyramid and other crimes. and crimes, endangering human security. In addition, issues such as the financial crisis and changes in assets affect economic and financial decisions and pose a challenge for national fiscal policy.

Finally, 'Economic Daily' pointed out that virtual currency has come to an end.

Some still follow "Bitcoin beliefs" and hope to ride the "Coin Circle" to get on the get-rich train at night, while others still watch the wind, hide in the ground, "dig" and travel around. the stranger, waiting to return. . You can also reject your entire attack.

Under everyone's strict supervision, the "roller coaster" of virtual currency speculation will come to an end.

Bitcoin Global Finance is shaking! The US House of Representatives is considering introducing legislation to allay skepticism about tax benefits and tax exemptions.

The Zhitong Financial APP learned on Wednesday that the US Revenue Commission had attempted to shut down one of the most lucrative cryptocurrency tax returns. According to estimates by the Tax Collective Coalition, the move will cost holders of Bitcoin and other cryptocurrencies nearly $ 17 billion.

According to the board, the bill would use policies known as digital marketing for digital assets, treating them as commercial products. Regarding the tax deduction, the law requires investors to wait 30 days from the sale of the title and to buy it back.

This is one of a series of tax increases Democrats are considering to help President Biden spend $ 3.5 trillion. Democrats face many challenges in passing the law and passing the controversial Congress, but crypto experts are already looking for ways to help investors cut taxes by 2021.

If this invoice is exceeded, it will come into effect on January 1 of next year. Taxpayers can benefit from any uncertainty before December 31st. This allows cryptocurrency investors to sell Bitcoin at a loss for tax exemption purposes and redeem it immediately. Considering the recent drop in cryptocurrency prices, the decision to get a tax cut is ripe. The cryptocurrency market is down 26% from its most recent peak in May.

Since the US Internal Revenue Service now distributes cryptocurrencies like Bitcoin as assets, the way it treats the loss of crypto assets is very different from the way it treats stocks and coins. mutual fund. .

Shehan Chandrasekera, head of tax strategy at crypto-tax software company CoinTracker.io, said: for "no tax year."

The bigger the cryptocurrency market, the more this happens. Chandrasekera pointed out, "I see people doing this every month, every week, every month, depending on their level of intelligence."

Chandrasekera predicts that this policy will be the final bill. However, as a rule, the rules are not retroactive, so cryptocurrency traders can take the opportunity to sell their assets. Chandrasekera said: "Taxpayers can cut taxes again in 2021, but only for a few months. Considering the economic downturn of the past two weeks, it's a good time."