US should scrap crypto capital gains tax to fuel currency competition: Cato

US should scrap crypto capital gains tax to fuel currency competition: Cato

0.40%LINK$9.26 2.19%DOGE$0.096 3.19%ADA$0.2489 3.56%BTC$74,640 0.83%XLM$0.161 2.94%SOL$85.23 2.40%XRP$1.41 4.48%BCH$439.58 1.02%ETH$2,340 0.84%HYPE$45.36 3.54%TRX$0.3263 1.20%BNB$623.32 1.12%USD Written by Stephen Katte,Staff WriterReviewed by Felix Ng,Staff EditorUS should scrap crypto capital gains tax to fuel currency competition: Cato3 hours agoCrypto users in the US are required to pay capital gains taxes on cryptocurrencies, stifling their usefulness as a currency, argued a Washington DC-based think tank. Cato Institute, a US-based think tank, has argued the government should remove capital gains taxes on Bitcoin and other cryptocurrencies to open the door for more currency competition. Capital gains tax (CGT) is discouraging the use of alternative currencies like Bitcoin (BTC) as it incentivizes long-term holding and adds extra burdens to reporting requirements, Nicholas Anthony,

Source: https://cointelegraph.com/news/congress-remove-bitcoin-capital-gains-tax-currency-competition-cato?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound