Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Number of Bitcoin ATMs Passes 6K Mark…But the Taxman Is Taking Note 101
Source: a video screenshot.

There are now more than 6,000 Bitcoin ATMs in the world – but as the devices become more widespread, it seems tax authorities are also starting to pay closer attention to the devices.

Per data from monitoring site Coin ATM Radar, there are currently 6,003 Bitcoin ATMs in operation now – with a whopping 3,923 of that number in the United States, followed by just over 700 in Canada.

More than 100 new devices have been installed globally in November 2019, and the website data shows that the rate of new Bitcoin ATMs installation now stands at 9.3 per day.

However, the growth rate has slowed down in 2019, in both absolute numbers and percentage terms. In twelve months from November 2017, 2,115 new Bitcoin ATMs were installed, compared to 1,982 devices, installed in twelve months before November 2019. The annual growth rate slowed down from 117% to 51%.

Number of Bitcoin ATMs Passes 6K Mark…But the Taxman Is Taking Note 102
Source: Coin ATM Radar

However, Bloomberg Tax reports that the top American tax authority, the Internal Revenue Service (IRS) is now working with the police to block Bitcoin ATM-related “illicit activity.” The media outlet quotes IRS Criminal Investigation Chief John Fort as saying his team is “very focused” on tax-related Bitcoin ATM issues.

Fort stated,

“We’re looking at Bitcoin ATMs, and the ones that may or may not be connected to bank accounts. In other words, if you can walk in, put cash in and get Bitcoin out, we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.”

Fort added, “They’re required to abide by the same know-your-customer, anti-money laundering regulations, and we believe some have varying levels of adherence to those regulations.”

As previously reported, the IRS has announced it will be cracking down on cryptocurrency-related tax policing in recent months, with some (often confusing) new guidelines now in place. And the agency now appears to have warned American citizens that moving their crypto to overseas exchanges will not help would-be tax avoiders.

Fort stated,

“We have concerns that as things tighten up here in the United States, that we are pushing people to foreign exchanges. We have to focus on that as well.”

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News