- At the end of last week, a new bill was introduced in Congress.
- The Virtual Currency Tax Fairness Act of 2020
- US representatives in Congress supported this bill with mixed support.
At the end of last week, a new bill was introduced in Congress. Such bill is said to have an impact on the cryptocurrency industry however, how positive it will be, remains to be seen. If all goes well, this new bill will help solve a payment issue for the delay in the leading cryptocurrency as well as other altcoins in the industry such as ETH.
US representatives in Congress supported this bill with mixed support.
The Virtual Currency Tax Fairness Act of 2020 was introduced into Congress last Thursday. The new bill, which has been partly supported by US representatives last week, is set to see BTC and ETH experience a vast improvement on the payments side of cryptocurrency.
Bitcoin’s tax issue is a big flag in space as well as to the US government. As reported by Forbes:
“A key usability issue with Bitcoin payments is that taxes may need to be paid in a situation where a capital gain has occurred, which could be when someone is simply buying a meal with Bitcoin at a local restaurant. Under current U.S. law, the use of Bitcoin to pay for goods or services is treated as a sale of those Bitcoin holdings, which is a taxable event.”
The US Congress and US officials have had a lot of history with cryptocurrency. Last year, we saw Congress go full speed ahead against Facebook’s Libra currency, which is set to launch later this year. Mark Zuckerberg of Facebook has experienced extreme scrutiny from representatives of the house and will most likely continue to experience such scrutiny over the course of this year before, and even after Libra sees its release.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!