Crypto World News reports that the Cato Institute, a public policy think tank in Washington, D.C., United States, said the U.S. should abolish capital gains taxes on cryptocurrencies such as Bitcoin to reduce tax reporting burdens and promote currency competition. Researcher Nicholas Anthony of the institute said that the current tax regime discourages the use of cryptocurrencies as a means of payment because users may trigger taxable events when using cryptocurrencies to buy goods and services, and it also increases reporting complexity. The report further notes that optional alternatives include exempting capital gains tax on payments for goods and services, or setting a minimum tax threshold.