So, what's new?
It's a Friday night where I am, and I really haven't had much sleep with all the things going on with my day-to-day. Catching up on any cryptocurrency-related news, I came across the recent statement regarding a bipartisan bill that attempts to introduce a way to spend virtual currencies on small purchases without severe tax burden, given that these are considered assets / property subject to capital gains tax, at least here in the United States.
Reading from the full text, here are some points that I've noticed:
- It's short -- 3 pages long, which may be transformed substantially as it goes through the legislative process;
- $600 -- the exemption ceiling for purchases, is adjustable in increments of $50, according to inflation;
- The law will apply to transactions after the end of this year (December 31, 2017)
All in all, this bill will have to go a long way before it becomes law. Do you think this is a step in the right direction? Is the $600 ceiling too low? What changes do you think should be made? If you're a reader from another country, how has your government treated Bitcoin and other cryptocurrencies / tokens? Please let me know in the comments.
Any other thoughts?
Summer will be ending here in the US in two weeks, and we will now be entering Fall. At that time, nights become longer and the clocks will soon back up by an hour. Spooky tales abound and the smell of pumpkin wafts through everything in store aisles. Interesting times to look forward to.
Thanks for reading and see you on the next one.