Bitcoin may become more accessible in Missouri! What is the tax-saving bill?
Hello everyone! I'm John, who explains the world of virtual currencies in an easy-to-understand way. This time, I'd like to share with you some interesting news about Bitcoin happening in the state of Missouri in the United States.
No tax if you buy something with Bitcoin?
The state of Missouri is currently considering a bill that would exempt the tax (capital gains tax) that occurs when purchasing goods or services with Bitcoin! Simply put, capital gains tax is a tax that is levied when you make a profit by selling something. For example, if you buy a stock for 100 million yen and sell it for 120 million yen, you are taxed on the difference of 20 yen. The same is true for Bitcoin; if you use it for a higher price than you bought it for, you may be taxed on the difference.
However, if this bill passes, this tax may no longer be levied in Missouri if you buy something with Bitcoin! This is great news for Bitcoin users.
Why would you be happy to be exempt from taxes?
Some people may not understand what "tax exemption" means. For example, let's say you buy a 1000 yen Bitcoin and use it to buy a 1200 yen coffee. If tax were imposed, you would have to pay tax on this 200 yen profit. However, if tax is exempt, you can use Bitcoin at a discount.
The tax exemption has the following benefits:
- More people may use Bitcoin:If there is no tax, more people may be willing to try using Bitcoin more casually.
- Missouri's economy could be boosted:If more people start using Bitcoin, stores may start accepting Bitcoin payments, which could help boost Missouri's economy.
It may take some time for the bill to pass.
Of course, this bill won't become law right away. It will still need to be debated and approved by Congress, but if it passes, Missouri could gain attention from around the world as a Bitcoin-friendly state.
What will happen to virtual currencies in the future?
This news suggests that virtual currencies may become more familiar in our lives. People who have thought that virtual currencies are somehow difficult or dangerous may gradually become interested in them. I hope that in Japan, too, there will be movements that make virtual currencies easier to use.
The world of virtual currencies is still in its infancy. I think there will be more news in the future, so let's learn together!
I think the Missouri bill is a positive step for the spread of virtual currencies. Tax incentives will be a big incentive for users, and ultimately, I think it has the potential to revitalize the entire market.
This article is based on the following original articles and is summarized from the author's perspective:
Missouri Bill Would Enable Tax-Free Bitcoin Spending