While cryptocurrencies 'have the potential to become an ordinary part of Americans' everyday lives, our current tax code stands in the way,' said the U.S. senator. crypto cryptocurrency bitcoin
A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50., known as the “Virtual Currency Tax Fairness Act,” was introduced in Congress Tuesday by Senators Pat Toomey and Kyrsten Sinema .
Senator Toomey commented, “While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way.” He added: Under current law, whenever crypto is used to pay for purchases of any amount, a taxable event occurs. An individual would owe the Internal Revenue Service capital gains on the transaction if the crypto appreciated in value, even if only by a fraction of a penny.
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