Bitcoin reserve research continues in the US, but a new movement has emerged from Florida, one of the nation's largest states.
Therefore, Florida has introduced a bill that eliminates capital gains tax on Bitcoin (BTC), XRP and stocks.
If the proposed bill passes, Florida residents will be exempt from capital gains tax on all transactions made in BTC, XRP or stock.
Florida aims to become the first US state to offer zero crypto capital gains tax, and the move is seen as part of an effort to position Florida as a hub for digital innovation and investment.
The purpose of the proposal was stated to increase the adoption of cryptocurrency and attract investors, but it was stated that only state taxes will be removed and the federal capital gains tax will still apply.
*This is not investment advice.
