Cryptocurrency hasn’t been adopted by everyone in the world yet, but the number of countries willing to take risks in order to get the benefits of it is rising. Here are the most recent news about countries that support cryptocurrency.
Portugal: There is no tax on BTC capital gains in Portugal.
The Portuguese Tax Authority (PTA) said that people who buy and sell crypto would not have to pay capital gains tax or value-added tax (VAT).
In 2016, the PTA said that capital gains from the sale of cryptocurrencies are not taxed under the Personal Income Tax Code, which covers dividend and interest income. Cryptocurrency sales are also not taxed in the area covered by Category G, so they are not subject to tax (capital gains).
If you work as a professional or business that provides crypto-related services, you are taxed on capital gains at a rate of between 28% and 35%.
Remember that Portugal is still a country that likes cryptocurrency. It now joins other European countries such as Germany, Switzerland and Malta.
After making BTC legal tender, the GDP of El Salvador went up.
According to Dennis Porter, the GDP of El Salvador went up after it made Bitcoin legal tender, which is what happened when the country did.
One year after adopting #Bitcoin as legal tender, El Salvador’s GDP grew by 10.3%. Bitcoin adoption brings jobs, development, and investment.
— Dennis Porter (@Dennis_Porter_) February 20, 2022
His tweet said that El Salvador’s GDP grew by 10.3%, and that Bitcoin use “creates jobs, growth, and investment.”
False, a report said that the El Salvador GDP will be around $26.80 billion by 2021, which is a lot more than it was in 2017. Reports haven’t said whether this was because of the move to make Bitcoin legal tender. El Salvador’s financial authorities, on the other hand, said that the crypto would be good for the economy.
In September last year, El Salvador made news because it said it would make Bitcoin an official currency.
Ukraine Trades More Crypto Than Fiat
People in Ukraine are buying and selling more cryptocurrency every day than they are buying and selling the country’s main currency, the hryvnia.
People in Ukraine have just approved a law that makes it legal for people to buy and sell things like bitcoin and other cryptocurrencies. The parliament is now working on rules and regulations for crypto, like Bitcoin.
Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov shared this news on Twitter, and it came from Ukraine!
Because the Ukraine bill does not recognize cryptocurrency as legal tender, it is important to note that this is not the case in El Salvador. However, this is a good thing because businesses in the crypto business can be sure that they will be properly regulated.
In contrast, countries like India haven’t fully embraced cryptocurrency, which is why they charge a lot of taxes and call for the ban of digital assets.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.