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UK HM Revenue & Customs (HMRC) Fights Cryptocurrency Tax Evasion

21 January 2020 17:05, UTC
UK HM Revenue & Customs (HMRC) Fights Cryptocurrency Tax Evasion

The UK HM Revenue & Customs (HMRC) has issued a request for blockchain analysis tools. The main goal is to find and implement a technology that allows the government to track and tax cryptocurrency users.

The problem is that cryptocurrency transactions are harder to track than electronic fake transactions. Therefore, the HMRC is looking for a tool that will identify crypto transactions and fight cryptocurrency tax evasion. It turned out that tracking bitcoin (BTC) transactions and linking wallet addresses to account holders is relatively easy. Difficulties arise with cryptocurrencies such as Monero (XMR), Zcash (ZEC) and Dash (DASH). Tracking of these coins is more difficult due to their privacy-oriented features.

05.11.2019  |   in Legislation
Since tracking cryptocurrency transactions can be difficult, and the government requires modern software for large-scale implementation, the tender proposal is £100,000 ($130,000). HMRC says the system should be ready by February 2020.

Image courtesy of Live Coin Watch



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