France will not tax trading between cryptocurrencies
France will not tax trading between cryptocurrencies.
France will tax cryptocurrency gains when they are converted into “traditional” currency like the Euro, Dollar but crypto to crypto transactions will remain exempt from taxes, announced on September 12, 2019 the French Minister of Economy, Bruno Le Maire.
Information mentioned by the Bloomberg website.
The minister is currently attending an OECD conference about the challenges of cryptocurrencies and he is striking hard with this announcement that should interest many traders in Bitcoin and cryptocurrency.
This can allow many people to trade crypto or Bitcoin without being taxed as long as they do not resell their cryptocurrency or Bitcoin in Euro, Dollar, Yen, etc…
These taxes on crypto to crypto transactions were clearly a hindrance to the development of cryptocurrencies in France.
Now, in France, anyone can trade to generate gains between different cryptocurrencies without paying taxes on these transactions.
When the person decides to cash out crypto earnings in Euro, Dollar, then this person will have to pay the expected tax on this type of financial transaction.
Portugal recently stated that there would be no tax on Bitcoin or cryptocurrency, whether on trading or selling crypto into fiat like Euro, Dollar, …
Some even call Portugal the paradise of Bitcoin and Cryptocurrency!
Bruno Le Maire has already spoken before the opening of this OECD conference stating that France can not tolerate the arrival of Libra on European soil!
Bruno Le Maire also said in another interview that governments should launch a public cryptocurrency to cope with the arrival of Libra and not allow a private company like Facebook to launch a cryptocurrency like Libra that could threaten the current national currencies.