The IRS is out with a Request for Proposal (RFP) to break Monero ($XMR) and other networks that the IRS is currently unable to trace transactions on.
It'll be interesting to see what comes of this. Will the "whitehat" hackers beat the $XMR engineers?
Time will tell.
If they do, don't be surprised to see these tools turned against taxpayers not involved in criminal investigations.
CoinTelegraph Article: https://cointelegraph.com/news/the-irs-offers-a-625-000-bounty-to-anyone-who-can-break-monero-and-lightning
IRS Request for Proposal Link: https://beta.sam.gov/opp/3b7875d5236b47f6a77f64c19251af60/view?index=opp
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Hmmm. That's interesting. Made me go off and see what the current situation is in the UK.
Seems like the last update to the white paper from HMRC was December 2019 and it seems like they haven't got a clue about the variety of available "cryptoassets" (which they describe as cryptocurrency or Bitcoin 😂).
Seems that "If you receive tokens from mining and are not trading, the tokens will be treated as other taxable income."
So that depends on what they term as mining which I'm guessing they're assuming is the original mining such as people do for Bitcoin. But what about playing Splinterlands. Is that mining? And what about the cards? Are they tokens?
.
At this point I imagine nobody knows but good luck to HMRC in working out. I'm betting there are going to be one hellava lot of creative loopholes employed.
Yeah, they are so far behind the curve it's ridiculous.
I immediately thought the same thing when I saw the amount..$625k to break privacy coin encryption? That's a laughable amount. Though on the flip side, it's refreshing to see the government not wasting ridiculous amounts of money on things lol.
They only want the best and brightest... and poorest 🤣
Do they want it coded in FORTRAN or COBOL?
😁