The Virtual Currency Tax Fairness Act of 2020


Welcome, welcome to One Minute Crypto! I’m your host, Chronos, and today I want to
talk about how changes in laws can impact the value of your crypto investment. You might be thinking that what’s happening
in your government doesn’t really apply to your daily life. But if you think that, and you’re in crypto,
you’re wrong. Here’s one big example: a giant headwind to
using cryptocurrency for its intended purpose as money, at least in most countries, is tracking
every single transaction for tax purposes. In the United States, if you buy a cup of
coffee with Bitcoin Cash, but those coins went up in value since the time you bought
them, you have to put that transaction on your tax return at the end of the year. Talk about tedious. Now, there’s actually a proposal to change
this, the “Virtual Currency Tax Fairness Act of 2020”, which says that if the gain is under
$200, you wouldn’t have to report it. If that law goes into effect, I think it would
be a big boost to the value of nearly all cryptocurrencies, but don’t hold your breath. The average bill goes into law 215 days after
it’s first proposed — and that’s if it happens at all. I’ve put a link in the video description so
you can track this bill’s progress yourself. I’m Chronos. Thanks for watching!

3 thoughts on “The Virtual Currency Tax Fairness Act of 2020

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