Join our Telegram channel to stay up to date on breaking news coverage
The Italian government has proposed increasing the capital gains tax on bitcoin and other cryptocurrency profits from 26% to 42%, in a move that surprised local investors.
the government announced raising taxes as part of his 2025 budget proposal to generate additional revenue to support public services. Deputy Minister Maurizio Leo said at a news conference that the country's budget deficit needs to be addressed.
The tax on crypto capital profits would be one of the highest in Europe
If implemented, the tax would be one of the highest in Europe on crypto profits and drew harsh criticism from the community on social media platforms.
“It's a deadly move to raise taxes, as that only serves to take away wealth and new ideas,” said macro trader and investor Jason Pizzino in x. “Italy is a dying state.”
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.8083333333333″>
Italy is a dying state. It's a beautiful IRL museum to visit as a tourist. Please note that I am an Italian citizen. I love the place. But no one cares if they increase taxes on bitcoin because the net wealth leaving Italy is not going to it. It's a deadly move to raise taxes like that… https://t.co/9PCir8uvRq
— Jason Pizzino (@jasonpizzino) twitter.com/jasonpizzino/status/1846697381410361720?ref_src=twsrc%5Etfw”>October 16, 2024
On-chain analytics company data Holy shows that social volume for the keywords “Italy” and “taxes” hit monthly highs as cryptocurrency users, especially those living in Italy, expressed concerns about the proposal.
Still, previous attempts by other countries to tax cryptocurrency profits have often failed to increase government revenue. W.When India introduced a tax on digital assets a couple of years ago, local trading volumes collapsed as investors moved to offshore platforms.
bitcoin price faces bearish sentiment in Italy
Santiment data also shows that bearish sentiment flooded the crypto space in response to Italy's new tax proposal. The social volume of terms like “Italy+sell”, “Italy+sell”, Italy+sell” or “Italy+bearish” skyrocketed.
Despite that, the price of bitcoin was largely unaffected. At 04:06 am ET, btc is trading at $67,379, down about a third percent in the last 24 hours, according to bitcoin“>CoinGecko.
The proposal awaits parliamentary approval before becoming law.
Related articles
Most Wanted crypto Launch: Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured on Cointelegraph
- SolidProof and Coinsult audited
- Staking Rewards – pepeunchained.com
- Over $10M Raised in ICO – Ends Soon
Join our Telegram channel to stay up to date on breaking news coverage
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
