PANews reported on April 1 that according to Bitcoin Magazine, Bill No. 0451 submitted to the Rhode Island Senate last month proposed that residents and businesses in the state can conduct up to 10 Bitcoin transactions (or sales of equivalent value) per month, with each transaction valued at less than US$1,000, without paying state capital gains tax.

The bill defines "Bitcoin sales" as "any transaction involving the exchange of Bitcoin for legal tender or other physical/digital assets", and emphasizes that this exemption only applies to state taxes and does not affect federal tax obligations. According to the bill, individuals and businesses involved in tax-free transactions must keep complete transaction records, including data such as the total daily transaction amount, and be prepared to accept audits by state tax authorities at any time.

Chris Perrotta, chairman of the Rhode Island Blockchain Committee, pointed out that the passage of the bill will effectively reduce the friction of digital asset payments, stimulate the development of the state's blockchain economy, and make Rhode Island a technological frontier. In addition, he also proposed that small businesses accept Bitcoin as a payment method for products and services to stimulate economic growth. So far, other states in the United States have not proposed similar bills.