In 2022, the US budget will be replenished by cryptocurrency confiscations

The state treasury has already been replenished by $3,5 billion during the 2021 fiscal year

19.11.2021 - 12:00

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What’s new? The US Internal Revenue Service (IRS) is set to recover billions of dollars worth of digital assets for offenses in 2022, the Bloomberg news agency reports. The regulator has added $3,5 billion to the country's budget under this item during the fiscal year 2021.

Information on the Bloomberg website

The amount confiscated equates to 93% of all assets seized in cases of electronic fraud, money laundering, drug distribution, and tax fraud.

What does the expert say? Jim Lee, head of the IRS’s Criminal Investigation Department, commented on the situation as follows:

“I expect this trend to continue in the next fiscal year. Cryptocurrencies are involved in an increasing number of crimes.”

What does the IRS focus on? For the IRS Criminal Investigation Department, the priority is training employees and developing technologies for analyzing cryptocurrencies and blockchains. This is necessary to solve cyber-financial criminal schemes of varying complexity. In 2022, authorities will open an Advanced Collaboration and Data Processing Centre in Northern Virginia to train staff and implement the latest technologies.

According to Lee, the IRS may need additional funding of $80 billion to achieve its goals.

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