Andrew Yang on Cryptocurrency- You're Going to Want to Hear This
As a cryptocurrency enthusiast, I am keenly aware and interested on where my vote will go based on a candidate's stand on cryptocurrency.
Andrew Yang has been endorsed by Elon Musk, a lover of cryptocurrency, and when I heard this, I knew there was a high probability that Andrew Yang would be on page with cryptocurrency adoption and regulation.
Andrew Yang has clarified his position on cryptocurrency, and seeks to educate citizens, improve tax law on cryptocurrencies and ensure they are properly classified for tax and audit purposes.
Andrew Yang is on point with cryptocurrency usage and regulation. We need a president who will actually acknowledge digital currency and pay attention to what citizens are using and attuned to. The Chinese government fully acknowledges and embraces cryptocurrency, so why shouldn't we?
Sources:
Picture from Pixabay.
https://news.bitcoin.com/presidential-candidate-andrew-yang-discusses-his-plan-for-cryptocurrencies/
What's his plan on crypto taxes?
If deemed a commodity, they are taxed as a commodity. If deemed as a security, capital gains tax applies. If deemed a collectible, it would be taxed in a similar fashion.
Currently, there is uncertainty with taxation, and Andrew Yang just wants the issues out in the open.
It is great that he is crypto friendly, but I would like to know more about his position on taxation and regulation as well.
I don't want him giving away 1000 free bitcoin a month.
It all depends upon if the cryptocurrency is deemed a commodity or cryptocurrency. If it's a commodity, the tax by transaction is based upon your cost basis, as commodity trading currently stands. If it's a security, it would be taxed similar to stock capital gains.
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