Severe Lowering Of Financial Penalties On Gains From Cryptocurrencies Says France’s State Council Of Taxation
A significant reduction of financial penalties on gains associated with virtual currencies such as bitcoin says the French’s state council of taxation, as indicated by Le Monde.
The council is showing signs of reduction of virtual currency tax from its current position of 45 percent to a whopping 19 percent all across the board. This is an interesting controversy in positioning from the state. This could mean a new generation of French citizens finding themselves within a decentralized, digital financial market hopefully.
Crypto tax lowered in France
So far, it has been an engaging year for the Republic of France. A month ago, the Minister of finance, Bruno Le Maire claimed how “A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens,’ crypto-actives or not. It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient,” given a new positive energy to players of the crypto sector.
Nonetheless, for a minimum of four years, the Republic of France has established in general the taxation on bitcoin core and cryptocurrency gains by almost fifty percent. In this regard, it seems to be a softening, as authorities react to demands by bitcoiners and more so the state has vowed to reduce the current rate of 45 percent by over 50 percent to 19 percent.
Positive news flourished way back at the beginning of 2017, subsequent to Emmanuel Macron, then 39 being elected to become the President of the Republic of France. President Macron show support by permitting a photograph of himself holding a cold storage wallet, even though it has been said that the digital currency sector does not have any political affiliation or loyalty. Later, it would be known to the public, that it was just a publicity stunt prior to his election run. Nonetheless, it appears that he is acquainted with the technology otherwise known as the cryptocurrency.
More Political Calories spend on the issue of Crypto, this 1st quarter
More politics have surrounded the issue of digital currency during the first quarter of this year in France. It started with the position of an industry “Mission Leader” being filled, whilst the Republic of France was really emphasizing on having some worldwide agreement on regulations guiding the virtual currency sector globally prior to the G20 meeting in Argentina but they did to no result. A little after, minders that reside in France were particularly vocal with regards to crypto derivatives and just a month later, they would issue warnings concerning “15 unauthorized exchanges and platforms.”
