British investment bank executives suggest taxing cryptocurrencies to divert funds to the stock market

On March 24th, Lisa Gordon, Chairman of the British investment bank Cavendish, proposed to tax the purchase of cryptocurrencies to encourage more investors to invest in the UK stock market. She suggested introducing a cryptocurrency transaction tax similar to the 0.5% stamp duty on London Stock Exchange stocks. Gordon believes that this move could shift investment towards stocks, help provide funding for innovative British companies, and support a wider economy. She emphasized that more than half of Britons under the age of 45 own cryptocurrencies rather than stocks, and believes that reallocating some capital can increase economic productivity. Despite the growing amount of cryptocurrency holdings, Gordon referred to it as a "non-productive asset" with minimal contribution to the economy. She also mentioned that due to the cost of living crisis, many people are reducing their investments, so there is a greater need to guide limited funds towards assets that can drive economic growth.