A top IRS agent shared his stance on crypto and NFTs technology and claimed that it is a future but there are some flaws with its use in the present time.
Adoption of the crypto industry has been surging for a long time but the speed in the adoption rate increased after the entry of the Non Fungible tokens (NFTs) concept in the crypto industry. However, the entry of the NFTs concept was not expected to bring very high-level changes but current use cases are showing that NFTs are more than what we are using in the present time.
Through a conference, Ryan Korner shared his thoughts on crypto and NFT’s future in the world. Ryan is a special agent at Los Angeles Internal Revenue Service (IRS).
The Conference was organized by USC Gould School of Law on Tuesday of this week. Ryan said that there are better use cases with cryptocurrencies, which are based on blockchain technology, and also NFTs have better use cases but at present time these technology use cases are associated with illicit activities and bad actors.
“We’re just seeing mountains and mountains of fraud in this area.”
Ryan noted that the crypto adoption rate surged rapidly in the past few years and people are now not limited to crypto use with trading and payment use cases. He said that people are using such Innovative technology in unfair activities like money laundering, market manipulation, and tax evasion.
In particular, he pointed out how high-level Investors are manipulating the crypto market with just a single tweet. He tried to drag attention toward the Kim Kardashian and Floyd Mayweather EthereumMax scam.
He further added:
“We’re not necessarily out there looking for celebrities, but when they make a blatant or open comment that says ‘Hey, IRS, you should probably come to look at me,’ that’s what we do”
Ryan said that the division was educating on crypto and NFTs because they knew very well that crypto space is the future and it is not going anywhere.
Ryan also clearly said that the IRS talked on this matter with the other agency regulators of the US to “make sure everyone is on the same page and staying ahead of the criminals.”