News Italy Cryptocurrencies: Italy's finance minister defends tax hike on cryptocurrencies amid party spat
Italy's economy minister on Thursday defended his decision to raise taxes on cryptocurrency capital gains as part of next year's budget, despite pressure from some lawmakers in his own party to backtrack. Giancarlo Giorgetti said savers should make a distinction between investments that finance tangible projects and cryptocurrencies, whose value he said is completely disconnected from underlying assets. "Cryptocurrencies present a very high level of risk," Giorgetti said in a speech at a banking conference in Rome.
News Italy Cryptocurrencies: Italy minister open to reviewing tax hike on cryptocurrencies
Italy's economy minister said on Thursday he was ready to review proposals to raise a tax on cryptocurrency capital gains, after pressure from some lawmakers in his own party to drop the plan. "I am willing to consider different forms of taxation for people who keep investments in their portfolio," Minister Giancarlo Giorgetti said. Under the 2025 budget, to be approved by parliament by end-December, the Treasury intends to hike taxation on capital gains from cryptocurrency such as bitcoin to 42% from 26%.
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