America Demands No Taxes on Bitcoin and Cryptocurrency Payments Under $600

Bitcoin-friendly congressman Jared Polis introduced a law that US citizens are not required to report as taxes after paying with cryptocurrencies.

The Cryptocurrency Tax Fairness Act (The Cryptocurrency Tax Fairness) According to the law introduced as the Act), payments $600 do not need to be reported to the Internal Revenue Service (IRS).

Bitcoin and other digital currencies are still considered property in the United States. being evaluated. That’s why it’s necessary to register the tax on gains or losses, regardless of the amount.

This issue became quite touching as Coinbase, the largest stock market in the USA, and the IRS battled with consumers and politicians.. The criticisms were often related to the tax investigation, which was accused of being “wide-ranging.”. Eliminating mandatory reporting will further benefit cryptocurrency users.” said

Washington currently hosts the Blockchain Forum. This forum was launched by the Police in February and aims to raise awareness about cryptocurrencies.

Coin Center CEO Jerry Brito said that the new law will ‘will provide equal footing’ and:

“We thank the Police and Schweikert, who introduced this law to us, for their leadership.. Cryptocurrencies will now be treated like foreign currencies. Users will not have to keep an account of their small transactions. This law will not only ensure equity but also help micropayments, which can squeeze dozens of transactions per minute, cope with the current legal order.” he added

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