PANews reported on April 16th, citing Cointelegraph, that the Cato Institute, a US think tank, released a report calling on governments to eliminate capital gains taxes on cryptocurrencies such as Bitcoin to promote currency competition. Policy scholar Nicholas Anthony pointed out that capital gains taxes encourage long-term holding and increase the tax burden, thus inhibiting the use of Bitcoin as an alternative currency. The simplest solution is to completely eliminate capital gains taxes, or at least eliminate them for the use of cryptocurrencies and foreign exchange, allowing competition to determine the optimal currency. He cited the example that buying a cup of coffee with Bitcoin every day could generate over 100 pages of tax returns. Anthony also mentioned a small-amount tax exemption scheme, where transactions below a certain threshold would not trigger capital gains taxes.