{"id":1700,"date":"2022-02-06T04:53:31","date_gmt":"2022-02-06T04:53:31","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1700"},"modified":"2022-02-06T04:53:31","modified_gmt":"2022-02-06T04:53:31","slug":"us-lawmakers-introduce-virtual-currency-tax-fairness-act-to-boost-cryptocurrency-use-for-payments","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1700","title":{"rendered":"US Lawmakers Introduce &#8216;Virtual Currency Tax Fairness Act&#8217; to Boost Cryptocurrency Use for Payments"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen \u201cthe legitimacy of cryptocurrency in our digital economy.\u201d The bill also aims to expand the use of cryptocurrencies for payments.<br \/><\/strong><\/p>\n<h2>Virtual Currency Tax Fairness Act Introduced in the US<\/h2>\n<p>Representatives Suzan DelBene and David Schweikert introduced the \u201cVirtual Currency Tax Fairness Act of 2022\u201d on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer.<\/p>\n<p>The bill \u201cwould create a workable structure for taxing purchases made with virtual currency, also known as cryptocurrency,\u201d the lawmakers explained. It will also expand the use of cryptocurrency for payments and further strengthen \u201cthe legitimacy of virtual currency in our digital economy.\u201d<\/p>\n<p>The current legislation states that any crypto gains must be reported as taxable income regardless of the size or purpose of the transaction, the lawmakers stressed, emphasizing that \u201cThis includes purchases as small as buying a cup of coffee.\u201d<\/p>\n<p>Asserting that the existing law \u201cmakes the everyday use of virtual currency near impossible, discouraging people from using it, and inhibiting the growth of our digital economy,\u201d the lawmakers detailed:<\/p>\n<p>The Virtual Currency Tax Fairness Act would exempt personal transactions made with virtual currency when the gains are $200 or less.<\/p>\n<p>Jerry Brito, executive director of cryptocurrency think tank Coin Center, explained: \u201cToday you have to keep track of and report every transaction you make using them, whether it\u2019s a $10,000 investment trade or whether you\u2019re buying a 99\u00a2 song online or a latte at a cafe.\u201d He elaborated:<\/p>\n<p>This obviously creates friction and puts cryptocurrencies at a disadvantage relative to other digital payment methods.<\/p>\n<p>The bill would \u201ctreat cryptocurrencies similarly to how foreign currency is now treated,\u201d Brito noted.<\/p>\n<p>Rep. DelBene commented:<\/p>\n<p>Antiquated regulations around virtual currency do not take into account its potential for use in our daily lives, instead treating it more like a stock or ETF.<\/p>\n<p>\u201cThis commonsense bill cuts the red tape and opens the door to further innovations, ultimately growing our digital economy,\u201d she concluded.<\/p>\n<p><em><strong>What do you think about the Virtual Currency Tax Fairness Act? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p class=\"icymi_title\">Nansen Report Highlights Growth of Defi and NFTs in 2021<\/p>\n<p class=\"icymi_excerpt\">Nansen, a cryptocurrency and blockchain statistics and analytics platform, has issued a report on the growth of decentralized finance (defi) in 2021. The document highlights how defi managed to keep growing, opening the field to new participant chains. Non-fungible tokens &#8230; read more.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-lawmakers-virtual-currency-tax-fairness-act-boost-cryptocurrency-use-for-payments\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen \u201cthe legitimacy of cryptocurrency in our digital economy.\u201d The bill also aims to expand the use of cryptocurrencies for payments. Virtual Currency Tax Fairness Act Introduced in the US Representatives Suzan DelBene and David Schweikert introduced the \u201cVirtual Currency Tax Fairness Act [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1700"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1700\/revisions"}],"predecessor-version":[{"id":1702,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1700\/revisions\/1702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1701"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}