Robert F. Kennedy Jr., a participant in the current US presidential race, if elected, promised to back the national currency with Bitcoin and exempt profits from transactions with it from taxation.
According to a Democratic spokesperson, the American economy could be stabilised by backing the dollar with a ‘hard currency’ such as gold, silver, platinum or Bitcoin.
Backing the U.S. national currency and debt obligations could help restore the currency’s strength, curb inflation and usher in a new era of financial stability, peace and prosperity, — said the presidential candidate.
Kennedy explained that the process could be gradual. Depending on its success, the scale of the backing could be adjusted.
“My plan would consist of very small steps. Perhaps 1% of Treasury securities,” he explained.
Exemption of profits from Bitcoin transactions from capital gains tax would spur investment and push companies to develop their business in the United States, rather than in other crypto-friendly jurisdictions such as Singapore or Switzerland, Kennedy added.
The remarks continue his line of talk about digital gold.
Earlier, should he win the electionpromised to take decisions that ‘would support Bitcoin and the freedom of transactions, allowing people to manage their wallets, nodes and passwords’.
According to him, the country would create a simple regulatory environment that provides only ‘rigorous anti-money-laundering controls’.
Earlier, Kennedy described Bitcoin as an alternative to the traditional financial system. In addition, he criticised American regulators for the ‘war on cryptocurrencies’, which led to a banking crisis in the country.
A week earlier, the candidate admitted that invested in digital gold around $250,000.
One of Kennedy’s Republican rivals, Florida Governor Ron DeSantis, promised in May to defend the leading cryptocurrency if elected president.
In June, Coinbase CEO Brian Armstrong described the upcoming US elections as a key moment for regulating digital assets.