Gate Square “Creator Certification Incentive Program” — Recruiting Outstanding Creators!
Join now, share quality content, and compete for over $10,000 in monthly rewards.
How to Apply:
1️⃣ Open the App → Tap [Square] at the bottom → Click your [avatar] in the top right.
2️⃣ Tap [Get Certified], submit your application, and wait for approval.
Apply Now: https://www.gate.com/questionnaire/7159
Token rewards, exclusive Gate merch, and traffic exposure await you!
Details: https://www.gate.com/announcements/article/47889
Proposal to ease the coin tax burden for block and small Bitcoin payment transactions
Jack Dorsey’s payment company Block is pushing forward with new policy proposals to promote Bitcoin payments within the United States. In particular, they are advocating for the introduction of a tax exemption limit that excludes small Bitcoin transactions under $600 from taxation.
The Reality of Coin Tax Issues
Under current U.S. tax law, Bitcoin usage is classified as a capital asset sale, which requires all transactions to be reported for capital gains tax. Even small transactions for everyday consumption must go through complex tax reporting procedures. This significantly hampers users’ everyday use of Bitcoin.
Block’s Dual Strategy
Block is not just making policy suggestions but taking direct action. They have launched a new Bitcoin payment solution for merchants through the Square( platform, with the key feature of supporting Bitcoin payments without transaction fees.
The Direction of Practical Change
Block’s initiative that “Bitcoin is everyday currency” is building a concrete foundation beyond just a slogan. If the $600 tax exemption limit is actually implemented, it is expected to greatly reduce administrative burdens related to coin taxes. When combined with a fee-free payment system, the potential for Bitcoin as a real payment method will be further enhanced.