US lawmakers introduce companion bill to ‘mitigate risks’ from El Salvador’s Bitcoin Law
"The United States must have a plan in place to protect our financial systems from the risks of [El Salvador's decision," said Representative Norma Torres.
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"The United States must have a plan in place to protect our financial systems from the risks of [El Salvador's decision," said Representative Norma Torres.
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Under the framework, those conducting crypto transactions will be subject to a 30% tax starting on April 1, while the 1% TDS requirement will take effect on July 1.
The bill would direct federal agencies to scrutinize how El Salvador implements its Bitcoin law.
First announced by India's finance minister in February, the amendment to existing laws proposed a 30% tax targeting digital asset transactions.
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