Market Cap
24h Vol
5963
Cryptocurrencies
46.34%
Bitcoin Share

Hungary plans Bitcoin tax cut as part of economic recovery program

Hungary plans Bitcoin tax cut as part of economic recovery program


CoinTelegraph
2021-05-11 16:16:52

Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the COVID-19 pandemic.In a video that appeared on Facebook Tuesday, Finance Minister Mihály Varga outlined the government’s stimulus program through 2022. As part of the post-COVID-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such a move would make Hungary a far more competitive jurisdiction with respect to crypto-based capital gains taxes. Cryptocurrency regulations are underdeveloped in Hungary, though the buying and selling of digital assets is classified as “other income” from the perspective of taxation. After surging during the heights of the 2017 bull market, cryptocurrency trading in Hungary remains fairly modest compared with other countries. However, a clear uptick has been observed since the start of 2021.Hungary has been involved in preliminary discussions surrounding a central bank digital currency, or CBDC. In August 2020, a representative from the Hungarian National Bank joined a roundtable discussion with colleagues from the Swiss National Bank, the Bank of England and others in discussing the potential rollout of CBDCs in the future. Hungary, like other nations, was hit hard by the COVID-19 pandemic. At one point, the central European nation had the worst COVID-19 death rate in the world. Nevertheless, the country has been slowly unwinding strict shelter-in-place orders since March as daily new cases continue to fall.


Coin Extrude Ecosystem
BITCOIN BLACK COINS
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.