On: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules

[gzer0]

Usually it involves conversion of illegally gained assets into untraceable cryptocurrencies such as XMR (Monero) and then subsequent funneling and conversion of those assets back into USD via offshore exchanges.

IRS is offering $625,000 USD to anyone that can crack the Monero algorithm [1].

[1] https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs...

[fabianhjr → gzer0]

> conversion of those assets back into USD via offshore exchanges.

They would probably not exchange into USD, there are plenty of other currencies and they would probably favor a local currency.