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"Good News for "Tax Exemption" for Bitcoin (BTC) and XRP from the Third Largest State of the USA!"
While Bitcoin reserve efforts continue in the USA, a new move has come from Florida, one of the largest states in the country.
Accordingly, Florida*** has proposed a bill to eliminate the capital gains tax on Bitcoin (BTC), XRP, and stocks***.
If the proposed bill is accepted, Florida residents will be exempt from capital gains tax on all transactions made with BTC, XRP or stocks.
Florida's move to become the first U.S. state to offer zero capital gains tax on cryptocurrency is seen as part of an effort to position Florida as a hub for digital innovation and investment.
The purpose of the proposal is stated to be increasing the adoption of cryptocurrencies and attracting investors, while it was expressed that only the state tax would be eliminated, and federal capital gains taxes would still apply.