Block's initiative promotes everyday Bitcoin payments and calls for a $600 tax-free allowance.

Odaily Planet Daily reports that Jack Dorsey's Block has launched the "Bitcoin is Everyday Money" initiative, proposing that the United States legislate to establish a tax-free threshold for Bitcoin payments under $600, in order to reduce the compliance burden on users for everyday small-amount transactions. The current tax system treats Bitcoin payments as asset sales, requiring capital gains tax reporting, which is considered detrimental to the widespread adoption of cryptocurrency in payment scenarios.

Meanwhile, Block's Square has launched merchant tools that support zero-fee Bitcoin payments, aiming to create a low-cost, intermediary-free encrypted payment network. (PYMNTS)