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The Cato Institute suggests that the United States eliminate capital gains tax on cryptocurrencies to promote monetary competition
According to Cointelegraph, the Cato Institute, a public policy think tank in Washington, D.C., stated that the U.S. should eliminate capital gains taxes on cryptocurrencies like btc-42">Bitcoin to reduce the tax reporting burden and promote currency competition.
The institute's researcher Nicholas Anthony said that the current tax system suppresses the use of cryptocurrencies as a payment tool because users may trigger taxable events when using cryptocurrencies to purchase goods and services, increasing reporting complexity. The report also mentioned alternative options, including exempting capital gains tax on payments for goods and services or setting a minimum taxation threshold.
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