United States presidential candidate Donald Trump has proposed a zero tax on crypto assets created in the US.
In a recent interview, Trump noted that the country should prepare to let go of tokens created outside the US.
“No tax on crypto but only on tokens made in the USA. We want tokens made here at home, we don’t want the Chinese tokens. We say get those Chinese tokens out of here,” Trump said.
Zero Tax Payment on BTC & XRP
He further mentioned that bitcoin (BTC) and XRP would be subjected to zero tax because they are American crypto assets. Cryptocurrencies created outside the country’s economy, like ether (ETH), would be taxed.
Trump criticized the idea of crypto tax payments. He stated that instead of paying taxes on crypto, it should be replaced with tariffs.
“They have them paying tax on crypto, and I don’t think that’s right. Bitcoin is money, and you have to pay capital gains tax if you use it to buy coffee? I was talking with a friend and he said ‘it really shouldn’t be taxed’ and I agreed. Maybe we get rid of taxes on crypto and replace it with tariffs,” he said.
America as the World’s Capital For BTC
In the past months, Trump has made several promises concerning Bitcoin. In September, he notably expressed his confidence in the digital asset and the crypto industry at large.
Trump revealed that he plans to make America the world’s capital of Bitcoin and crypto if he wins the upcoming election.
The presidential candidate also noted that he would make many adjustments to fit the masses’ demands, including eliminating ten old regulations for every new regulation.
Over $7.5M in Crypto Donations
As part of Trump’s commitment to integrate digital assets into the political and financial framework, his campaign is actively accepting crypto donations. Recently, he received approximately $7.5 million in crypto donations.
On July 26, 2024, he received approximately $4 million in crypto donations. More than $2.15 million in BTC was contributed by 19 donors from 12 states.
