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Low value crypto transactions may get tax exemption in the US

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HIGHLIGHTS :

  • It aims to make it easier to use cryptocurrencies
  • The bill was prepared by Senators Pat Toomey and Kyrsten Sinema.
  • Increasing consumer interest in the crypto segment

A bill presented in the Senate proposes not to tax crypto transactions of less than $50. Such transactions are often intended for use such as payment for goods and services.

It aims to make it easier to use cryptocurrencies

To promote the crypto segment, the US has made preparations to give some tax exemptions on it. A bill presented in the US Senate proposes not to tax crypto transactions of less than $50. Such transactions are often intended for use such as payment for goods and services.

The bill, created by Senators Pat Toomey and Kyrsten Sinema, aims to make cryptocurrencies easier to use. In the US, crypto is not recognized as a currency, but as a property, and transactions involving them are taxed at 10 to 20 percent. This makes it difficult for people to use it. “This will facilitate the use of cryptocurrencies for per day transactions. Profits from such transactions below $50 and transactions of less than $50 for personal use can be tax exempted,”

Many retailers in the US are interested in adding stablecoins as a payment option. The main reason for this is the increase in the share of consumers in this segment. American multiplex chain AMC Theaters has introduced a payment option in cryptocurrencies and this has increased its revenue.

The bill was prepared by Senators Pat Toomey and Kyrsten Sinema.

Cryptocurrencies account for about 35 percent of the online payments received by AMC Theaters. It accepts payments in cryptocurrencies like Bitcoin, Ether, Litecoin, and Dogecoin. American restaurant chain Chipotle is offering up to $200,000 worth of cryptocurrencies in its new promotional campaign.

Increasing consumer interest in the crypto segment

Chipotle has asked customers to play a game on its promotional website. In this, each person will get three chances per day. Restaurant customers can win Bitcoin, Ethereum, Solana, and Dogecoin in this game. All Chipotle Rewards members’ cryptocurrency prizes will be credited to Coinbase accounts. Chipotle started accepting payments in cryptocurrencies. For this, the digital payment network Flexa is being used, which automatically converts cryptocurrencies into normal currency.

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