By Joshua Manning • 24 May 2022 • 12:33
Portugal's cryptocurrency boom over with government set to legalise cryptocurrencies
Credit: Creative Commons
Portugal currently has no limitations on this sector, which makes the country a digital tax haven where people with cryptocurrency wealth settle so that no government bodies can exercise control over them, as reported by 20minutos.
Details of how the law will be implemented have not yet been released, but the Portuguese government wants to do it as soon as possible. Its finance minister, Fernando Molina, has made public his commitment to end ‘zero taxation’ for cryptocurrency investors.
Apparently, Portugal’s government is conducting a study to implement an effective and competitive regulation that preserves the country’s interests, as it does not want to lose investors and entrepreneurs who come with the idea of generating business.
However, it must control the legal vacuum in terms of digital assets that currently exists in the country’s legislative system.
The news follows reports of the value of Bitcoin and other Cryptocurrencies falling due to a steep stock selloff at the beginning of the month, with Ethereum, the second biggest digital coin, losing more than 20 per cent in 24 hours.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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