Illinois Postpones Crypto Tax Implementation Amid Industry Backlash

The Illinois state government is considering delaying the implementation of its planned 0.2% cryptocurrency tax by six months.

This decision was made in response to concerns from industry stakeholders and taxpayers who are still adjusting to the new tax regime.

As reported earlier, the Illinois Department of Revenue announced plans to introduce a tax on cryptocurrency transactions in January, with the tax rate set at 0.2% of the transaction value.