Vive la France! Bitcoin Tax Slashed by Republic

Neutral Vive la France! Bitcoin Tax Slashed by Republic

According to Also read: Telegram Urges Paper Airplane Protest, Pussy Riot Activist Arrested Le Monde, France's State Council of taxation has announced a severe lowering of financial penalties on gains from cryptocurrencies such as bitcoin. The agency is signaling crypto tax will plummet from its current 45% to an across the board flat 19%. It's a dramatic change in orientation from the government. Could it be France is ready for a decentralized, digital financial future?

France Lowers Crypto Tax

It has been an active year so far for La République. Bruno Le Maire, Minister of Finance, a month ago 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," setting off a wave of enthusiasm from bitcoiners.

For at least four years, however, the Republic of France has kept taxation on bitcoin core and cryptocurrency capital gains in general at nearly half. There appears to be a softening in this regard, as regulators responded to pushback by enthusiasts, and have pledged to bottom the current rate, 45%, by more than half, to 19%.

Good news started, perhaps, back in early 2017 after France elected the very young Emmanuel Macron, then 39. While the ecosystem has no political affiliation or loyalty, Mr. Macron gave an encouraging sign by allowing himself to be photographed with a cold storage wallet. It would later be revealed as a publicity stunt prior to his run. But, nevertheless, he at least seemed familiar with the technology.

Do you think this will start a trend among EU countries? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section.

An Active First Quarter

Again, during the first quarter of this year France has expended more political calories on the issue of crypto. Beginning with an appointment of an industry " Mission Leader ," France was particularly vocal about carrying forth some kind of world consensus on laws governing crypto (to no avail) ahead of the G20 meeting in Argentina. Shortly after, French minders cracked down upon crypto derivatives , and would a month later warnings about 15 "unauthorized" exchanges and platforms.

Around the same time as comments from the Minister of Finance and various regulatory activity, local bitcoiners took their case to the High Administrative Court. The court then ordered cryptocurrencies such as bitcoin be reclassified as property, thus leaving room for lower taxation. Profits derived from mining, however, are to remain under the banner of capital gains, as they're considered purely commercial activities.

C. Edward Kelso's main passion is to remove coercive minders from mediums of exchange, expose sound money to folks traditionally denied capital market access, all in the hope of increasing peace and prosperity.

04/30/2018 / 17:00:37 Source: bitcoin.com

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Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.