How Donald Trump Could Be Driving BTC Adoption
The 45th President of the United States, Donald Trump has recently proposed a remittance tax which would levy further fees on money being sent outside of the United States in an effort to curb immigration. So the reason we’re reporting on it is because of this could end up having a knock-on effect for the adoption of cryptocurrency.
A lot of this geopolitical focus of cryptocurrency has been on the back of Brexit and the potential impact on the Euro and British Sterling, 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 across the globe, peer-to-peer exchange platform geared towards sending money abroad has increased in volume since the announcement of President Trump’s proposed remittance tax.
This initiative is slowly geared towards penalising immigrants working in the United States and sending money to their home countries. Forbes has highlighted the cryptocurrency contributor Billy Bambrough, the policy could make crypto a good alternative to fiat as a way to avoid having to pay additional taxes and fees. In comparison to the traditional route of money remittance, cryptocurrencies like XRP offer increased speed and severely reduced fees.
If the President continues with this proposed tax, the avenue of sending money through digital assets will become something that would be even more attractive for the growing use case of crypto-based remittance.
While the Trump administration has yet to provide any clear details on the remittance tax, people are guessing that the plan will follow what has already been proposed by the former Kansas secretary of state, Kris Kobach. He explained the remittance tax in an interview with Breitbart last week saying:
“The threat [to illegal immigrants] I propose is one that actually helps [the U.S.] if we follow through on it. That is the threat of ending remittances from the majority of people in the United States from Mexico who are here illegally. That is a threat that we could carry through on that actually helps our economy because the money is not sent home, it stays in circulation in the U.S. economy and helps rev up our economy. It’s actually a good thing if we follow through.”
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