Investment

Hungary plans to reduce the bitcoin tax as part of an economic recovery program

Investors in the cryptocurrency in Hungary could soon become a major tax evasion as lawmakers seek to increase the country’s competitiveness in Central Europe as a result of the Covid-19 pandemic.

In the video that he appeared on Facebook, Finance Minister Mihaly Varga outlined his government’s stimulus program until 2022 on Tuesday. Such a move would make Hungary a much more competitive jurisdiction in terms of cryptocurrency-based capital gains taxes.

Cryptocurrency regulation is underdeveloped in Hungary, although the purchase and sale of digital assets is classified as “other income” for tax purposes.

After a sharp rise during the height of the bull market in 2017, cryptocurrency was traded in Hungary It remains relatively modest compared to other countries. However, a clear increase has been observed since the beginning of 2021.

Hungary has been involved in preliminary discussions on the central bank ‘s digital currency, or CBDC. In August 2020, a representative of the Hungarian National Bank joined a round table discussion with colleagues from the Swiss National Bank, the Bank of England and others to discuss potential introduction of CBDC in the future.

Hungary, like other nations, was hit hard by the Covid-19 pandemic. In one place, the Central European nation he had the worst Covid-19 mortality rate in the world. However, since March, the country has been slowly pursuing strict orders for shelter on the spot, as new cases continue to rise.



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