WeChat Pay adds support for digital yuan

 

Two U.S. lawmakers are preparing to reintroduce the crypto tax reform bill, also known as the Keep Innovation in America Act.  The proposed legislation aims to change how crypto is handled for tax purposes.  U.S. Reps. Patrick McHenry, R-N.C., and Ritchie Torres, D-N.Y., lead the bill.  The bill limits the definition of a crypto broker for tax purposes to any person prepared to sell digital assets in exchange for compensation at the request of their clients. The lawmakers plan to propose the bill again since they believe that the current reporting requirements for companies hinder innovation in the crypto industry. The bill points out that participants of the digital asset market are required to abide by obligations that are incompatible with how crypto technology works. The bill was first presented in March 2021.