The Rhode Island bill in the United States proposes to allow residents of the state to trade $10,000 worth of Bitcoin tax-free each month

PANews reported on April 1st, according to Bitcoin Magazine, that the Bill No.0451 submitted to the Rhode Island Senate last month proposed that residents and businesses in the state can conduct up to 10 transactions per month, each valued at less than $1000 in bitcoin (or equivalent sales), without paying state capital gains tax.

The bill defines "bitcoin sale" as: "any transaction behavior of exchanging bitcoin for fiat currency or other physical/digital assets", while emphasizing that this exemption only applies at the state tax level and does not affect federal tax obligations. According to the requirements of the bill, individuals and businesses participating in tax-free transactions need to keep complete transaction records, including total daily transaction amounts and other data, and be prepared for audit checks by the state taxation department at any time.

Chris Perrotta, chairman of Rhode Island's Blockchain Committee pointed out that after passing this bill it will effectively reduce digital asset payment friction which will stimulate blockchain economic development in Rhode Island making it a leading region in technology. In addition he also suggested small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. So far no similar bills have been proposed in other states.