UK Cavendish Bank Chairman: ”Cryptocurrency tax should be imposed to stimulate stock investment”

Lisa Gordon, chair of the British investment bank Cavendish, has called for the abolition of share purchase tax and instead a tax on stocks to boost the UK economy.
He argued that a tax should be imposed on the purchase of crypto assets (virtual currencies). In an interview with The Times on the 23rd, Gordon said, "More than half of Britons under the age of 45 are investing in cryptocurrencies rather than stocks.
"The fact that we are holding virtual currency should frighten us all," he said. "It would be good to abolish stamp duty on stocks and apply it to virtual currencies."
Currently, the UK imposes a stamp duty of 0.5% on stock transactions listed on the London Stock Exchange (LSE), which raises around £3 billion ($5.846 billion) in tax revenue per year.
Gordon argued that lowering share purchase tax would encourage people to buy more shares in British companies, which would encourage more companies to go public and help grow the economy.
On the other hand, he criticized cryptocurrencies, calling them "unproductive assets" and saying that "cryptocurrencies have no positive effect on the economy." He also said, "Stock investment creates jobs, promotes innovation, and reduces corporate taxes.
"It's a social contract that provides growth capital to companies that pay into it. We must actively encourage this," he said. Meanwhile, the UK Financial Conduct Authority (FCA) said in a report last November that one in ten UK adults
The survey revealed that 2% of the world's population, or roughly 7 million people, owns cryptocurrencies, with 36% of cryptocurrency investors aged 55 or younger.