This US presidential candidate will approve Bitcoin if elected

Liputan6.com, Jakarta US presidential candidate Robert F Kennedy Jr unveils several plans for bitcoin if he is elected president during his speech at the Heal-the-Divide event on Tuesday, July 18, 2023.

The presidential candidate begins by outlining the reforms he previously promised regarding BTC, declaring his administration’s mission is to make America the global center of crypto, bitcoin in particular.

This was done as a means of encouraging greater investment in green and renewable energy production, attracting engineering, investment and innovation to the US.

He also promised to end the Biden administration’s current policy of punishing banks for dealing in bitcoin, and also to create a strong barrier against the issuance of central bank digital currency (CBDC).

“I want to talk today about two additional reforms that we have been thinking about a lot, and which will be part of our package,” said Kennedy, quoted from Bitcoin.com, Friday (21/7/2023).

Support US Dollar with Bitcoin

One of his controversial plans was that Kennedy would back the US dollar with tangible and limited assets, such as gold, silver, platinum and bitcoin, which are the world’s most liquid assets, to strengthen the US dollar and ensure its continued success as the world’s reserve currency.

Capital Gains Tax Exemption

Another bitcoin reform that Kennedy disclosed concerns the capital gains tax from converting cryptocurrencies to US dollars. Like Singapore, Germany, Switzerland, Puerto Rico, and Portugal, the Kennedy administration will exempt bitcoin-to-US dollar conversions from capital gains taxes.

Kennedy explained the benefits of this policy included facilitating innovation and investment, ensuring citizen privacy, incentivizing businesses to grow their business and technology work in the United States rather than in Singapore, Switzerland, Germany, and Portugal.

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