Israel may recognize bitcoin as a currency for tax purposes …

Israel may recognize bitcoin as currency for tax purposes

Presented in Israel bill, classified bitcoin as currency. About this writes local Globes.

Four lawmakers from Our Home Israel Party presented a draft law “On Taxation of Sales of Digital Currencies” to Parliament on September 22. They are propose to make several changes to the taxation of cryptocurrencies, including amendments to existing legislation, for withdrawal of digital assets from tax on growth capital.

Israel may recognize bitcoin as a currency for tax purposes ...

“Regulatory realities in Israel are not adjusted to realities of this space. Digital currencies will be remain a catalyst, which will allow the country’s high-tech industry to flourish and develop, “the document says.

IN the present time according to Israeli law, bitcoin is recognized as an asset. it means that the sale cryptocurrencies and its conversion to fiat currency entails a capital gains tax of 25%. Authors of the bill celebrate, what country already has a developed technology industry and has everything opportunities become the leader in the space of payments based on cryptocurrencies, which is especially important in light of the coronavirus pandemic that has hit the world.

“Now exactly then time, when the future of the economy is uncertain. You can promote digital payments in quality measures social distancing, “they say.

According to the Israel Association blockchain, number active crypto companies in the country from 2018 to 2019 year grew by 32% and reached 150 by December.

“Regulatory certainty will provide business confidence and will enable more digital currencies to come in to the Israeli market “- add they are.

Israel may recognize bitcoin as a currency for tax purposes ...