As an analyst with over two decades of experience in the financial markets, I find the Italian government’s decision to increase taxes on capital gains from cryptocurrencies intriguing. While it might seem like a move to curb crypto investments, history has shown us that such measures often lead to increased interest due to the perceived ‘risk factor.’
According to Reuters and Bloomberg reports, Italy’s Deputy Finance Minister, Maurizio Leo, announced that the Italian government intends to increase tax rates on profits gained from cryptocurrencies like Bitcoin, from the current rate of 26% up to 42%.
During a conference call on Wednesday, as reported by Bloomberg, members of the Italian cabinet decided their course of action due to the fact that the “bitcoin phenomenon” appears to be expanding, according to Leo.
As an analyst, I find myself reporting that I’ve taken a step to bolster our digital services tax, a decision made by Italy as part of their strategies to generate additional income for the 2025 fiscal budget.
Despite the recent development, the cost of Bitcoin (BTC) remained stable, pushing its weekly growth beyond 12% and reaching a new high over $68,000 since late July for the first time.
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2024-10-16 17:42