About bitcoin
Bitcoin is the most traded digital currency in the world, and the largest currency by market capitalization. It was the first digital currency, and it is still the most popular and widely used digital currency in the world. It is the leading currency followed by all other digital currencies. The birth of Bitcoin marked the beginning of a new asset class, and a huge step away from traditional, centrally controlled money. Today, many Bitcoin advocates believe that the latter will be the inevitable future of the global financial system, although this - of course - remains unresolved.
What are the details of the US President's proposal to tax digital currencies?
News reports said today, Friday, that the administration of US President Joe Biden has submitted an annual budget proposal to determine the most important financial priorities for the coming year, and among this proposal was related to the digital currency sector.
The reports indicated that the proposal touched on mining digital currencies and the need to impose a tax of approximately 30% on the energy used in mining Bitcoin and various other digital currencies to limit the activity of mining digital currencies inside the country, and this tax will be applied over three years, in the first year it will be 10% only. In the second year, it increases to 20%, while in the third year, the tax increases to 30%.
And the reports continued that the proposed tax will contribute to reducing mining activity inside the country, which causes great environmental damage due to the computational effort and the large amount of energy required to mine digital currencies, and that companies that mine digital currencies will report the amount and type of electricity used, in addition to the value That electricity used in mining, and that's going to be the tax base for these companies.
It is noteworthy that, earlier, the US Democratic Senator from Massachusetts, Ed Mackie, announced, via a tweet on his official Twitter account, that the US Senate, specifically the Environment and Public Works Committee, held what he described as a session
Bitcoin price ( BTC )
$27,185.61
