British Investment Bank Executive Suggests Taxing Cryptocurrency to Channel Funds into Stock Market

March 24th: The chair of the UK investment bank Cavendish, Lisa Gordon, proposed imposing a tax on cryptocurrency purchases in order to encourage more investors to invest in the UK stock market. She suggested the introduction of a cryptocurrency transaction tax similar to the 0.5% stamp duty on the London Stock Exchange. Gordon holds the view that this action could lead to a shift in investment towards stocks, which would help fund innovative UK companies and support the broader economy. She emphasized that more than half of Britons under the age of 45 own cryptocurrency rather than stocks and believes that reallocating a portion of capital could enhance economic productivity. Despite the increasing amount of cryptocurrency holdings, Gordon referred to it as a "non-productive asset" with minimal economic contribution. She also mentioned that due to the cost of living crisis, many people are reducing their investments, making it more crucial to channel limited funds into assets that can drive economic growth. (IG)