Israel Looks To Regard Bitcoin As A Currency In Order To Alter The Countries High Capital Gains Tax
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It seems that the country of Israel is considering making bitcoin a currency. This is an interesting round of news that comes according to a new bill that was tabled by four members of the National‘s party in the nation, Yisrael Beiteinu, which looks to regulate a better tax on digital prices in the country.
Spearheaded by Oded Forer, the four members have voiced their opinions on the 25% capital gains tax on bitcoin stating that it is outdated. They are looking to amend the current income tax ordinance with a more adaptable version which would better reflect the reality of digital assets and transactions.
According to the bill, it would need make trading for converting any digital assets into Fiat currency subject to capital gains as the full members have said:
“The regulatory reality in Israel is not adapted to the existing reality in the field.”
Additionally, the bill claims that for a distributed cryptocurrency to be considered as such, it must have numerous characteristics including being operated by a distributed network of notes rather than a centralised entity such as a financial institution. Furthermore, it should be in consensus as the rules that govern develop over time.