President Trump’s Proposed Remittance Tax is Pushing Bitcoin Adoption

President Donald Trump’s proposed remittance tax, which would levy additional fees on money being sent outside of the United States in an effort to curb immigration, could have the end effect of driving cryptocurrency adoption.

While much of the geopolitical focus of cryptocurrency has been on the development of Brexit and the potential impact on the Euro and British Pound, a story developing in the United States could have widespread ramifications for the industry. According to data compiled by analytics firm Coin Dance, which looks at Bitcoin and cryptocurrency use around the world, peer-to-peer exchange platforms geared towards sending money abroad have increased in volume since the announcement of President Trump’s proposed remittance tax.

The initiative is geared towards penalizing immigrants working in the United States and sending money to their home countries. As outlined by Forbes cryptocurrency contributor Billy Bambrough, the policy could make cryptocurrency…

Read Full Story : Ethereum World News

2019-04-16 22:47:02

Michael Lavere

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