The value of the privacy-focused cryptocurrency Monero (XMR) rose 31 percent at the same time as news that the new tax plan introduced by US President Joe Biden on Friday will require business transactions exceeding $10,000 to be disclosed in the tax return.
Biden’s American Families tax plan will require exchanges and custody services to implement stricter reporting measures to detect tax evasion and money laundering. Banks and financial institutions will also be required to report the inflow and outflow of funds into accounts to the National Revenue Service in order to reveal undeclared income.
In an agenda released by the US Treasury Department on Thursday, it was stated that commercial crypto activity is relatively small, but is expected to grow over the next decade.
Monero led the top 100 cryptocurrencies in the next 24 hours, gaining 31 percent in value. XMR jumped from $230 to $304 overnight. The cryptocurrency fell to $165 in the market-wide crash on Wednesday. Thus, XMR has gained 84 percent since Wednesday.
While additional technologies are available today that can hide transactions with many popular cryptocurrencies, Monero is one of the rare cryptocurrencies that focuses entirely on privacy and has the largest market cap in its category.
Launched in 2014, Monero has become the choice of drug dealers on the darknet, replacing Bitcoin (BTC) in recent years. While blockchain analysis can pose a threat to BTC users on the darknet, Monero transactions cannot be tracked with the same method. The technology has also caught the attention of government agencies around the world, with many offering rewards to those who can make cryptocurrency transparent.
Google Trends data also reveals that Monero searches have increased by a thousand percent over the past year. The XMR price has increased by 1,300 percent over the same period.