White House proposes legislation for US taxpayers to declare and pay taxes on overseas encrypted accounts

BlockBeats News: On July 31st, according to Decrypt, the White House proposed on Wednesday local time to ask Congress to consider legislation to force US taxpayers to declare "overseas digital asset accounts". The Trump government said that this would help prevent Americans from transferring their encryption assets overseas. The policy proposal states that this policy shift will "promote the development and use of digital assets in the United States, and alleviate concerns from the outside world that the lack of a declaration mechanism may put the United States or its digital asset trading platforms at a disadvantage. This suggestion is one of the multiple proposals in a 168 page encryption report released by the Digital Asset Market Working Group on Wednesday. The working group is led by David Sacks, the White House Director of Encryption and Artificial Intelligence Affairs.