Block calls on US lawmakers to establish a $600 tax exemption threshold for bitcoin payments
Jinse Finance reported that, according to market sources, Block, founded by Jack Dorsey, has launched the “Bitcoin is Everyday Money” initiative, calling for U.S. legislation to establish a tax exemption threshold for Bitcoin payments under $600, aiming to simplify the tax burden on small daily transactions. Under current tax law, Bitcoin payments are treated as asset sales and require capital gains tax reporting. At the same time, Block has launched a merchant product under its Square brand that supports zero-fee Bitcoin payments, aiming to build a payment rail that is intermediary-free and low-cost.
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