According to a press released on the 2nd of July, an international TASKFORCE AGENCY was launched by the US internal revenue service(IRS) to work hand in hand with the tax enforcement authorities from four other countries to take on cryptocurrency enabled CRIMES.
The newly formed organization was tagged “the joint chiefs of global tax enforcement”, or “J5”. It comprises of 5 different countries: Australia, Canada, Netherlands, United kingdom and United States of America.
The major aim of creating this organization is to tackle the growing threat of tax administration posed by cryptocurrency and also to make sure that cybercrimes is been reduced to nothing radically, within the countries involved.
It is however worthy for us to know who brought up this wonderful idea. The whole ideal was gotten from the intergovernmental organization for economic co-operation and development (OECD)’s. They intend to use this measure in collaboration with other security agencies like US department of justice (DOJ) and the FBI in crypto related criminal cases so as to stop criminal activities that would take place in the future using crypto.