The U.S. government has come up with a new idea, wanting Congress to pass a law that forces Americans to report all their digital currency accounts abroad. The Trump administration says this is to prevent Americans from secretly transferring cryptocurrencies like Bitcoin and Ethereum abroad.

This policy proposal states that doing so would make everyone more willing to engage with digital currencies in the U.S., and there would be no need to worry about losing out due to not reporting taxes to the U.S. or U.S. exchanges. In simple terms, they want everyone to honestly pay taxes and not think about hiding money abroad.

This idea was proposed by a working group specifically managing digital currencies and artificial intelligence within the government. The head of this group is an official named David Sacks. They released a 168-page report on Wednesday, which included a bunch of suggestions on how to regulate digital currencies, with tax reporting being just one of them.

To be honest, if this policy is really passed, people dealing with cryptocurrencies in the future will have to be careful. Accounts you opened on foreign exchanges, the Bitcoin you buy, all have to be reported to the U.S. government. If you don’t report, you might get audited. The government is trying to reach into everyone’s digital wallets!

However, some people think this is a good thing, as it could make the digital currency market more regulated. The cryptocurrency market is quite chaotic right now; some people use it to evade taxes and launder money, so it’s normal for the government to want to regulate it. It’s just uncertain whether they can actually control it, as cryptocurrencies are inherently aimed at anonymity.