Tax Exemption Plan for Small Cryptocurrency Purchases in the U.S. Congress

A group of U.S. senators has proposed a bill for tax exemption on small cryptocurrency purchases. The bill, known as the “Virtual Currency Tax Fairness Act,” proposes a tax exemption for cryptocurrency purchases under $200. This proposal aims to facilitate the everyday use of cryptocurrencies and remove existing tax barriers. A new proposal in the United States also aims to create a Digital Economy Zone (DEZ) with no taxes on Bitcoin (BTC). This initiative, proposed by the USABTC policy group, aims to position the U.S. as a global leader in the digital economy. In this zone, transactions and accumulation of Bitcoin will be tax-free, but converting it into fiat currency will be taxed. This proposal could ensure the future of the U.S. financial system by creating an innovative and flexible environment. It could strengthen the U.S.’s position in the digital economy while legalizing private cryptocurrency holdings.

Source: cryptotimes.io