When autocomplete results are available use up and down arrows to review and enter to select.
The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
May 21, 2021
The Treasury Department proposed tax reporting requirements on cryptocurrencies in a new report on the administration’s American Families Plan.
Reporting: Treasury said the proposed financial account reporting regime would cover cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies.
Transactions: As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on, Treasury said.
More: A new Main Street Matters post from ICBA’s Brian Laverdure provides community bankers with a primer on Bitcoin and what it means for the financial services industry. Read the post.