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US lawmakers introduced the Virtual Currency Tax Justice Act to expand its use: Crypto Moves

RIYADH: Bitcoin, the world’s leading cryptocurrency, traded higher on Sunday, up 0.44 percent to $41,682 as of 1:19 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was at $3,017, up 0.08 percent, according to Coindesk data.

Other news:

Several U.S. lawmakers on Thursday introduced the Virtual Currency Tax Fairness Act of 2022 to improve the cryptocurrency’s legitimacy.

The bill would create a workable structure for taxing purchases made in virtual currency, also known as cryptocurrency, lawmakers said.

According to bitcoin.com, it will also expand the use of cryptocurrency for payments and improve its legitimacy in the digital economy.

Lawmakers emphasized that the current law makes everyday use of virtual currencies nearly impossible, prevents people from using them and hampers the growth of their digital economy.

The Virtual Currency Tax Fairness Act would exempt in-person virtual currency transactions if profits are $200 or less, lawmakers said.

Venezuela

Meanwhile, the Venezuelan government has approved a new tax that will affect cryptocurrency and foreign currency transactions and payments.

Dubbed the Big Financial Transactions Tax, the tax aims to incentivize the use of the local currency, which has lost importance in a multi-currency environment like Venezuela’s in recent years.

The tax states that any transaction or payment in foreign currency or cryptocurrency, with no quantity limit, must pay up to 20 percent per movement, depending on the type of movement and the companies or people making it.

Jose Guerra, a Venezuelan economist, believes this will be a blow to Venezuelans who use foreign currency and cryptocurrencies to store their savings.

“It must be recognized that foreign exchange has solved some of the cash, reserve value and savings problems of everyone in the country. To some extent, crypto assets too. Making this decision means choosing one means of payment over another,” said Guerra.

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