in the USA Bitcoin (BTC) and to cryptocurrencies The number of senators who come to the fore with their support is quite high.
Crypto Patrick Toomey and Kyrsten Cinema, who are among the supporter senators, make small investments or acquisitions. cryptocurrency introduced a new bill to bring tax exemption for investors.
The bill states that investors should be exempted from tax on small crypto transactions of up to $50, or where the profit from the transaction is less than $50.
Currently in the USA cryptocurrency Investors are legally required to report earnings from their crypto transactions, as their currency is seen as an investment tool rather than a payment instrument.
“Virtual Currency Tax Justice Bill” Introducing Senator Toomey said:
“Digital currencies have the potential to become an ordinary part of Americans’ daily lives.
However, the existing tax liability prevents this.
This law will allow people to be tax-free on small transactions like buying a cup of coffee, thus allowing them to more easily use cryptocurrencies as a daily payment method.”
The bill also stated that all sales that are part of the same transaction will also be considered a single sale transaction.