Israeli New Bill Considers Bitcoin as a Currency

by in Blockchain News

Israeli new bill

Four members of the legislature of Israel find it better if digital assets would be taxed as a fiat.

Presently, Bitcoin is taxed 25% while converted into fiat, or 15% for short-time funders.

According to officials, if the bill accepted, Israel’s 25% capital gains rate on bitcoin will no longer exist. Lawmakers think this amendment will help more digital money to find their place in the Israeli market. Thus, bitcoiners' tax duties will be simplified along with a more engaging payment mechanism. Oded Forer, a member of the Knesset, said that blockchain technology is a good option for digital payments especially in times of pandemic.

Recently another bill concerning digital assets was introduced. According to it, reviews of digital assets will be done once every six months or once a year.

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This will be a huge step forward, as now cryptocurrency merchants must present a tax report to the government within 30 days of the purchase. Besides, an additional payment on the tax scale corresponding to the trade’s capital gains is needed.

In the case of coming into existence, the changes will make Israel one of the leaders in the crypto world.