US Internal Revenue Service (IRS): Tax assessment required for single cryptocurrency donations exceeding $ 5,000

According to Decrypt, the Internal Revenue Service (IRS) states in its Frequently Asked Questions (FAQs) that donors who donate more than $ 5,000 in cryptocurrencies to charities must conduct tax assessments of their donations. This could affect the booming of cryptocurrencies in philanthropy. Alex Wilson, co-founder of cryptocurrency philanthropy The Giving Block, said the new assessment requirement would make people hesitate to donate more than $ 5,000.