Israeli regulators propose Bitcoin be taxed as a currency, not an asset
Cointelegraph
Published Sep 24, 2020 04:50PM ET
Updated Sep 24, 2020 06:20PM ET
Four members of the Israeli legislature are recommending that digital currencies be treated more like fiat for tax purposes.
According to a report from Israeli news outlet Globes, Knesset members MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir proposed on Sept. 22 that the government body amend existing tax law so that digital currencies like Bitcoin (BTC) would not be subject to capital gains taxes. Under current income tax policy, Bitcoin is treated as an asset and taxed 25% whenever individuals convert their tokens into fiat, or 15% for short-term lenders.
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Written By: Cointelegraph
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