As of Tuesday, the Biden administration is increasing the mining tax by 30%.
The US dollar, more dead than alive, relies on taxes. So for the USA it is not important what is done, but how much the tax is. After the collapse of SVB and various crypto-related scandals, the Biden administration is mostly focused on ways to tax what already brings them large illegal cash flows. It sounds strange but it is actually very useful. While they use cryptocurrencies for money laundering, they also tax all those who mine for personal profit and pay for huge energy consumption, while the administration also benefits from this energy consumption, of course more personal than general.
The White House has stated that cryptocurrency and mining are the industries of the future and that it is necessary to strengthen standards to strengthen economic and national security. Through the US government’s National Standards Strategy for Critical and Emerging Technologies, eight emerging technology sectors that will have a significant economic impact in the near future have been defined.
At their core is blockchain technology. And other areas are AI, semiconductors and microelectronics, communication and network technologies, biotechnology, navigation and time measurement, production and storage of clean energy as well as quantum information technologies.
The Biden administration came to the conclusion that it is necessary to change the standardization for CET and to reaffirm the approach. One of the decisions they made easily was to raise taxes. In fact, it seems that this was the only goal of this Strategy, which pompously announces a new “industry”.
Source: kitco.com
Source: PC Press by pcpress.rs.
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