The US government has announced that it will impose a cryptocurrency tax in the near future, Bloomberg reported.

US residents have to pay income tax on any profits, but many crypto investors ignore this obligation.

For several years now, the US Internal Revenue Service has been notifying Americans of the need to declare profits in cryptocurrencies.

Even if companies want to help investors pay their taxes, it is unclear to them how they should act in accordance with the current legislation.

Cryptocurrency exchange markets and other market participants are unhappy that the US Senate is introducing new rules without prior consultation with them.

People involved in this domain cannot predict what the consequences of this innovation will be. The rules can both attract more investors and reduce the engagement of cryptocurrency, destroying the glory of permissiveness.

The US authorities hope that taxes on cryptocurrency transactions will bring about $28 billion to the federal budget.