Italy Eyes 61% Hike to Bitcoin Taxes. Others May Follow
Connor Sephton is a journalist based in London, who also works for Sky News and the BBC as a radio newsreader and online reporter. He has covered crypto since 2018 — reporting from major conferences...
Elena is the Features Lead at Cryptonews.com. With a Master's degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.
Key takeaways:
Italy has unveiled plans to dramatically increase the capital gains tax paid by Bitcoin investors — hitting them hard in the pocket when cashing out profits.
While current rates stand at 26%, the right-wing government is plotting a 61% hike, meaning the taxman would take a 42% chunk out of any price appreciation realized.
The country’s deputy finance minister, Maurizio Leo, has appeared to suggest that the move is designed to dissuade consumers from investing in cryptocurrencies altogether.
He was quoted by Bloomberg as saying that the “phenomenon is spreading” — indicating officials are worried that growing interest in BTC could undermine the euro.
As you would expect, news of the planned rise has gone down like a lead balloon in crypto circles, with some Bitcoiners vowing to move to countries with friendlier tax regimes.
Others spoke of fears that this could lead to “brain drain” in Italy — as the country would no longer be attractive for talented workers in the industry.
But Laura Nori, who hosts the Bitcoin Explorers podcast, took a different view on X, and said she would be more concerned if her country was in favor of BTC.
Gm. I’m Italian. I am not looking for a country that is pro-bitcoin because I knew from the beginning that bitcoin was born to turn the tables and that governments would do anything to stop it.
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