Block calls for a $600 tax-free threshold for Bitcoin payments to promote everyday use

According to market news, Block, a company founded by Jack Dorsey, has launched the "Bitcoin is Everyday Money" initiative, calling for U.S. legislation to establish a tax-free threshold for Bitcoin payments under $600, simplifying the tax burden for everyday small transactions.

Current tax laws treat Bitcoin payments as asset sales, requiring the declaration of capital gains tax. Block has also introduced merchant products under its Square brand that support zero-fee Bitcoin payments, aiming to build a low-cost, intermediary-free payment rail.