(Daily360.com) – Crypto currency is all the rage and seems to have two camps; those who really don’t understand what it is and those who are obsessed with it and say it will free you from the big banking system. Well, Joe Biden wants 30% for the big guys. Much like everything else people do, crypto has been targeted for tax revues by the government in the name of climate. The Joe Biden White House is trying to push Congress to put a 30% tax on “crypto mining” for the electricity it uses with crypto-mining.
Yes, while forcing the auto, home and energy industries to convert to electric in order to protect the environment; crypto’s use of electricity must be taxed for the negative effect it has on the climate. Per Biden’s directive the crypto energy consumption has “negative spillovers” on the environment, people’s quality of life, and even electric grids (which are seldom referenced when it comes to car mandates). Biden’s Council of Economic Advisers (CEA) is positioning this government as doing a great public service with this initiative as it’s an effort on behalf of the people to not only fight climate change but reduce energy prices. The CEA says at present crypto-mining firms don’t pay as much in tax as others in relation to climate fighting but this tax will force them to look at their business practices and look at their overall harms to society.
Critics say this has little to nothing to do with climate change but rather is a way for the government to hamstring an industry they as yet do not have full control over. They say the government does not support the crypto industry existing in the way it does currently. The government has been working on plans to undercut the current crypto environment with one of their own, the U.S. central bank digital currency (CBDC). Theirs of course would be run through the Federal Reserve, as a digital or electronic form of the U.S. dollar.
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