WASHINGTON — Since the Internal Revenue Service declared virtual currency to be a form of property in 2014, all bitcoin transactions have become a tax reporting nightmare. Now, two Congressmen are proposing to make cryptocurrency more viable by easing up on those requirements.

A bill introduced Thursday by Reps. Jared Polis, D-Colo., and David Schweikert, R-Ariz., would allow cryptocurrency users to make transactions of up to $600 without paying taxes. In addition, the legislation would require the Treasury Department to create a process for virtual wallets to report gains and losses directly to the IRS, just like stock brokers do for their clients.

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