Minneapolis Federal Reserve Bank proposes taxing or banning Bitcoin to deal with government deficit

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Cointime2024/10/21 06:48

By:Cointime

a recent study by the Federal Reserve Bank of Minneapolis in the United States expressed concerns about the impact of Bitcoin on government fiscal policy, suggesting that it may need to be taxed or banned by law to help the government manage its deficit. The paper argues that Bitcoin complicates efforts to maintain a permanent government deficit, especially in an economy that relies on nominal debt. It points out that Bitcoin creates a so-called "balanced budget trap," forcing the government to balance its budget.

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