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Tax Policy on Cryptocurrencies
The cryptocurrency market is expanding at an alarming rate, and it is estimated that it will surpass the $5 billion mark by 2030. Although investors and big business organizations have tried to evade the influence of cryptocurrency in the market, their evasion might not be sustainable for long. However, the taxing policy imposed on cryptocurrencies is derailing and pushing many investors and business organizations to venture into its market. Cryptocurrency is expected to revolutionize the future of digital currency because it is flexible and promises fast economic growth. The coins used in cryptocurrency are volatile; thus, they can easily be managed. Reliance on cryptocurrency as the mode of trade and exchange in the future will open numerous opportunities for investors and business organizations and will impact the financial strength of countries positively. Despite the viability of cryptocurrency for future business stability, the tax policy imposed on it will continue to hinder its vast adoption in the market.
The tax policy imposed on the cryptocurrency market ought to be amended and improved in order to enable wide adoption of cryptocurrency use. Just like the dollar is not taxed on the purchase of an asset until the asset is sold, a similar tax policy should be adopted regarding cryptocurrency. When cryptocurrency is used to purchase an asset, no tax should be imposed on the acquired asset until it is sold. Amending the tax policy on cryptocurrency will enhance its adoption in the market, positively impacting business activities and the general market. The Internal Revenue Service should abolish taxation on assets acquired through cryptocurrency until the assets are sold, and the owners of the assets realize profits.
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