Biden Criticizes Cryptocurrency Traders at G7 Summit

US President Joe Biden, speaking at the G7 summit in Hiroshima, declaredthat would not agree to a deal that would protect the rich, tax evaders, and cryptocurrency traders, jeopardizing aid to those in need.

“We must be honest with each other and with the world: we cannot continue to support a system that allows billionaires and large companies to avoid their share of responsibility for financing society,” said Biden.

Biden also expressed his concern about the growing popularity of cryptocurrencies, which he believes are being used for tax evasion and money laundering. He declaredthat his administration intends to impose a 30% consumption tax on bitcoin miners to make this activity less attractive.

“Cryptocurrencies are a new form of speculation and anonymity that is undermining our ability to collect taxes and fight crime. We cannot allow this technology to become a tool to ignore the law,” Biden said.

Earlier, Republican Senator Cynthia Lummis opposed a 30% tax on bitcoin mining in the United States. “It is extremely important that the development of this technology and the mining of bitcoin itself take place in the United States,” the senator emphasized. “We can’t keep up with China, Russia and other countries that are actively developing this sector.”

The bitcoin tax proposal was included in a $1.2 trillion infrastructure spending package that was agreed by Biden and a group of bilateral senators last month. However, the package still needs to be approved by the House of Representatives, where it could face resistance from both Republicans and Democrats.

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