Sunday, December 10, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Currencies

Bitcoin could now be re-classified as ‘foreign currency’ and ‘exempt from capital gains ta | City & Business | Finance

MtR by MtR
June 19, 2021
in Currencies
0
Bitcoin could now be re-classified as ‘foreign currency’ and ‘exempt from capital gains ta | City & Business | Finance


After El Salvador’s congress officially classified the world’s preeminent cryptocurrency as legal tender on June 9, bitcoin pioneer Max Keiser said that a “global bitcoin standard is now emerging” around the world. Referring to the adoption of bitcoin by El Salvador, he added that, “The country’s currency is now something scarcer and harder than gold”. Now Danny Scott, the CEO of crypto exchange Coin Corner, said that El Salvador’s bitcoin move could see the cryptocurrency classified as “foreign currency” and “no capital gains tax on bitcoin in other countries” could be a result.

On June 6 Mr Scott tweeted: “So in theory, if El Salvador makes bitcoin ‘legal tender’.

“This makes it a ‘foreign currency’ and will mean no capital gains tax on bitcoin in other countries.

“This is an additional great knock-on effect.”

A follower of Mr Scott said that making bitcoin legal tender “will open a Pandora’s Box if it is recognised as a foreign currency by the International Monetary Fund”.

Foreign currency is recognised by the International Monetary Fund (IMF) as the “official means of payment” of that state.

The IMF classify “legal tender” status as an official attribute of recognising an official currency.

If bitcoin is recognised as a foreign currency because of the Salvadoran move, this could set a precedent and make it not subject to capital gains tax within the UK.

Under current UK legislation, many assets are exempt from having to pay capital gains tax.

READ MORE: Bitcoin to ‘no longer be the controlling interest’ – investors warned

However, trades between national currencies are exempt and not taxable and not subject to US tax reporting.

This means that using US dollars to buy a foreign currency, such as the pound, is not subject to a taxable transaction.

The news comes as the US Federal Reserve announced this week that inflation was rising faster than previously expected.

Jerome Powell, 16th chair of the Federal Reserve, raised Fed’s headline inflation expectation to 3.4 percent.





Source link

Related articles

Cuba’s currency shakeup deepens its economic woes, by Maïlys Khider (Le Monde diplomatique

Cuba’s currency shakeup deepens its economic woes, by Maïlys Khider (Le Monde diplomatique

December 10, 2023
Finance Ministry Investigators arrest one for sale of counterfeit currency

Finance Ministry Investigators arrest one for sale of counterfeit currency

December 10, 2023

Related Posts

Cuba’s currency shakeup deepens its economic woes, by Maïlys Khider (Le Monde diplomatique

Cuba’s currency shakeup deepens its economic woes, by Maïlys Khider (Le Monde diplomatique

by MtR
December 10, 2023
0

Food scarcity drives prices up: queueing for vegetables, Havana, 31 March 2023 Adalberto Roque · AFP · Getty A sudden...

Finance Ministry Investigators arrest one for sale of counterfeit currency

Finance Ministry Investigators arrest one for sale of counterfeit currency

by MtR
December 10, 2023
0

The Investigation Service of Georgia’s Ministry of Finance on Thursday said its professionals had arrested one individual for selling counterfeit...

Iran discloses amount of foreign currency sold at its Currency & Gold Exchange Center

Iran discloses amount of foreign currency sold at its Currency & Gold Exchange Center

by MtR
December 10, 2023
0

Subscription to paid content Gain access to all that Trend has to offer, as well as to premium, licensed content...

Crypt Currency Uncovered – The Kashmir Horizon

Crypt Currency Uncovered – The Kashmir Horizon

by MtR
December 10, 2023
0

Hey finance enthusiasts! In this extensive exploration, we dive into the captivating world of crypto currencies, an enigmatic sphere that...

Palau satisfied with its Ripple-powered CBDC pilot

Palau satisfied with its Ripple-powered CBDC pilot

by MtR
December 9, 2023
0

Palau is touting its pilot of a Central Bank Digital Currency (CBDC) based on Ripple technology. Despite minor challenges, the...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

December 10, 2023
Famous Christmas markets in the USA – Times of India

Famous Christmas markets in the USA – Times of India

December 10, 2023
RHI Magnesita eyes USD 1 bn revenues from India, Middle East, Africa region: CEO Stefan Borgas

RHI Magnesita eyes USD 1 bn revenues from India, Middle East, Africa region: CEO Stefan Borgas

December 10, 2023
Market Views: Predictions for best-performing EM currency of 2024 | Fund Managers

Market Views: Predictions for best-performing EM currency of 2024 | Fund Managers

December 10, 2023

Recent News

Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

December 10, 2023
Famous Christmas markets in the USA – Times of India

Famous Christmas markets in the USA – Times of India

December 10, 2023
RHI Magnesita eyes USD 1 bn revenues from India, Middle East, Africa region: CEO Stefan Borgas

RHI Magnesita eyes USD 1 bn revenues from India, Middle East, Africa region: CEO Stefan Borgas

December 10, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter