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
![In 2022, the US budget will be replenished by cryptocurrency confiscations](https://storage.getblock.net/source/1/4AMD6yui9ZDimPGXET03pBJDgov4Fv-y.png)
19.11.2021 - 12:00
243
1 min
0
.
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024