Trump Pushes for Tax Exemption on Small Bitcoin Payments

Doohyun Hwang

Summary

President Donald Trump announced plans to introduce a tax exemption system for small payments using virtual assets like Bitcoin.
He stated that the administration welcomes measures to not tax small payments under $600.
If implemented, this measure could have a positive impact on the activation of virtual asset payments.

*Karoline Leavitt White House Press Secretary // Photo=CNBC YouTube*

U.S. President Donald Trump appears poised to promote a de minimis tax exemption system targeting cryptocurrencies (virtual assets) like Bitcoin (BTC).

Karoline Leavitt, the White House Press Secretary, said at a briefing on the 17th (local time), “President Trump supports a small tax exemption provision to make virtual asset payments more convenient and efficient,” and added, “The administration welcomes legislation that includes a plan to not tax small payments under $600.”

She continued, “Currently, even if you buy a cup of coffee with Bitcoin, a tax issue arises. However, if this measure is implemented, such payments will become feasible,” and added, “We will continue to pursue related legislation.”

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