by Ian King, The Wall Street Journal title Is Bitcoin legal?
The hobby lobbyists say no article by Scott Stinson, Reuters article by Patrick Healy, Reuters The hobby lobbying group that is spearheading the push for a new U.S. bitcoin tax in the U.K. has expressed displeasure at the new policy, saying it will increase the value of the currency.
“There are a number of people who have been actively engaged in the industry for years who have said that the reason for this is not because of bitcoin, but because of the taxation of Bitcoin,” Patrick Cavanagh, CEO of the American Bankers Association, told Bloomberg.
“That’s not true.
The reason for that is that the U,S.
is the only country in the world that has a tax on the transfer of Bitcoin.”
The group’s president, Jeff Meehan, added that the tax could raise a whopping $1 billion for the U.
“If this is a tax, it is a massive tax,” Meeha said.
“I think there are a lot of people that are not going to want to pay that.
There are a whole bunch of people on the side of the tax protesters.”
He also said that while he and other industry insiders believe that the policy would increase the amount of Bitcoin in circulation, he was still “not convinced” that it would be a tax.
He said:”I’m not going out there and saying, ‘Oh, we’re going to put a dollar amount on the Bitcoin, and it’s going to be the same thing.’
I think that’s really hard to justify to the general public.”
The British Finance Secretary has repeatedly said that he does not support the idea of a tax or regulation of Bitcoin, but has not gone as far as to explicitly say he would support a ban on the currency in the country.