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Cavendish Bank Chair Calls for Taxes on Cryptocurrencies
Lisa Gordon, Chair of Cavendish Investment Bank, has raised concerns about the UK’s growing interest in cryptocurrencies. She emphasized that more than half of individuals under 45 now possess digital currencies but lack investments in traditional stocks, a trend she believes may ultimately harm both individual wealth and the economy.
In her statement, Gordon highlighted the importance of stock market growth. Unlike cryptocurrencies, stocks offer funding for businesses, thereby generating employment opportunities, driving innovation, and contributing to the economy through taxes. According to Gordon, “Cryptocurrencies are non-productive assets that do not contribute to the real economy.”
Gordon believes that while crypto may provide speculative gains, it lacks tangible economic benefits provided by traditional stocks. To address this disparity, she proposes reducing the 0.5% stamp duty on London-listed stocks and applying a similar tax to cryptocurrency transactions. This move could encourage more investment in traditional assets that support sustainable economic growth.
Furthermore, Gordon urged the government to promote better public understanding of capital markets as part of efforts to boost economic growth. While acknowledging current market challenges, Gordon remains optimistic about the UK’s role as a financial hub and is pressing the government to take action to attract more investments back into the UK markets.
Source: https://coinpedia.org/news/cavendish-bank-chair-calls-for-taxes-on-cryptocurrencies/
