Details of the Bill; Invigorate the Cryptocurrency Ecosystem
The Cryptocurrency Tax Fairness Act should allow for a de minimis exemption on all purchases less than $600, which means there be no property liability on smaller purchases. The bill said:
“To amend the Internal Revenue Code of 1986 to exclude from gross income de minimus gains from certain sales or exchanges of virtual currency, and for other purposes.”
If the bill were to get passed, cryptocurrency users would benefit greatly from it in terms of feeling comfortable with making micro-purchases with their bitcoin. It could also further invigorate the cryptocurrency ecosystem, especially after the PBOC outlawed ICOs/token sales.
Nonetheless, it will be interesting to see how governments decide to manage the way decentralized currencies continue to have an impact on the world economy.
Do you think the Cryptocurrency Tax Fairness Act will pass? Should governments even be regulating cryptocurrency? Let us know in the comments section below.
