Crypto purchases under $50 may soon be tax-free in the US

It’s only been a few days since we brought you an article about the countries with the friendliest attitude towards cryptocurrencies, with the United States of America taking first place. Today we have the information that crypto purchases in this country under 50 USD may soon be tax-free, which only confirms the friendly attitude of the US towards cryptocurrencies. This new legislation was introduced as the Virtual Currency Tax Fairness Act and was introduced by US Senators Patrick Toomey of Pennsylvania and Kyrsten Sinema of Arizona.

“While crypto has the potential to become part of our everyday lives, the current tax code stands in the way… [Senator Sinema and I] are teaming up to make it easier to use digital currencies as a common method of payment by exempting from taxes small personal transactions.”

The main idea behind the introduction of the law is to facilitate everyday transactions and bring cryptocurrencies into everyday life, so that citizens “are not exposed to surprise taxes when using digital currency for payments of lower value”. The proposal has already been submitted, but it still needs to be approved. Recently, we can notice that the USA has begun to realize the potential of the crypto industry, which we can also see in the many laws that individual states are trying to enforce and which are accepted by the crypto community with open arms.