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Hungarian government plans to cut tax by about 15% on “cryptocurrency trading”

Cryptocurrency

Plan to reduce taxes on cryptocurrency transactions

Hungary’s finance minister, Varga Mihály, said yesterday that he plans to halve the tax rate on the profits of crypto assets (cryptocurrency) transactions.

The current 30.5% tax rate will be reduced from 2022 to 15% at the earliest. It is said that it is planning a tax cut as part of measures to rebuild the economy that is depressed due to the spread of the new coronavirus infection.

The Finance Minister posted a video on Facebook, talking about the economy and taxation, and also mentioned the payment of cryptocurrencies.

According to the website of the Japanese embassy in Hungary, the state of emergency has been reissued in Hungary, and it is greatly affected by the spread of the new coronavirus infection. In March, it was reported that the mutant virus spread and the mortality rate per capita in the last week was the highest in the world.

Hungary is not a country with a lot of cryptocurrency transactions, but it aims to support the lives of the people by lowering the tax rate as part of the national economic measures. Below is a graph showing Hungarian transactions provided by the data site “Coin Dance”.

Source: Coin Dance

The volume of Bitcoin (BTC) P2P trading service provider Local Bitcoins is less than 2017-2018 before and after the cryptocurrency bubble period, but it is on the rise in 2021.

Relation:Request for tax reform of virtual currency to Liberal Democratic Party JCBA attends “policy round-table conference on budget, tax system, etc.”

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