While many steps are being taken in the United States and numerous countries to adopt Bitcoin and cryptocurrencies, some countries continue to take steps against cryptocurrencies.
One of these countries was England.
At this point, the bank manager of Cavendish, one of the major investment banks in the UK, suggested imposing a tax on cryptocurrencies in order to stimulate the UK economy and increase local stock investments.
Speaking to The Times, Cavendish chair Lisa Gordon described crypto as unproductive assets that do not contribute to economic growth.
At this point, Gordon argued that a tax should be imposed on cryptocurrency purchases in the UK to stimulate the country’s economy.
Gordon said that more than half of the country’s young citizens have invested in cryptocurrencies but do not own stocks, which is worrying.
Gordon has proposed shifting stamp duty from stocks to cryptocurrencies to encourage investment in local companies. The policy could boost economic growth by allowing more companies to go public in the UK, according to Gordon.
“The fact that over half of under 45s own crypto and no stocks should scare us all. I would love to see stamp duty on stocks reduced and crypto taxed.
“Crypto taxation and reduced stock tax in the UK could boost economic growth and encourage job opportunities.”
Contrary to Cavendish chair Lisa Gordon’s idea of taxing cryptocurrencies in the UK, the US is currently discussing the possibility of a zero crypto tax.
*This is not investment advice.