Jack Dorsey urges tax-free status for ‘everyday’ Bitcoin payments
Jack Dorsey’s payments company, Square, also announced the integration of Bitcoin payment services for businesses on Wednesday.
Jack Dorsey, founder of payments company Square, has urged the introduction of a de minimis tax exemption on small Bitcoin (BTC) transactions to help make the cryptocurrency more suitable for everyday payments.
“We want Bitcoin to be everyday money ASAP,” Dorsey said on Wednesday, following Square’s integration of Bitcoin payment services for merchants using the company’s checkout and point-of-sale systems.
His comments drew attention from Wyoming Senator Cynthia Lummis, who introduced a de minimis tax provision as part of a standalone crypto tax bill in July, exempting BTC transactions $300 or under from capital gains tax with an annual exemption cap of $5,000.
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