Members of the U.S. House of Representatives have drafted a bill abolishing the taxation of profits on cryptocurrency operations of less than $ 200.
It is noted that the initiative is aimed primarily at ordinary users of digital assets engaged in small transactions. Cryptocurrency investors will still have to comply with reporting requirements.
“This exception will give users the opportunity to send small transactions to each other without having to face a rather complicated calculation of capital gains each time,” said Niraj Agrawal, Director of Public Relations at Coin Center.
The law will apply to transactions made since December 31, 2019.
According to the current US Internal Revenue Service guidelines of 2014, bitcoin and other “convertible virtual currencies” are taxable exchange commodities, so users should even report minimal capital gains.
In May 2019, a similar bill on token taxonomy was proposed to the U.S. Congress with a proposal to exempt from tax transactions less than $ 600.