Denmark begins with the taxation of Bitcoin profit, judges the Supreme Court
Denmark begins with the taxation of Bitcoin profit, judges the Supreme Court
The Supreme Court of Denmark decided that people should be taxable if they make profits by selling Bitcoin.
Legislation applies to both investors and miners.
The decision of the court
Højesteret-The Third and last instance in all civil and criminal matters in the Kingdom of Denmark- Data Preserver-Spaces = "True"> When selling Bitcoin stocks, they have to pay taxes.
The judges claimed that people buy BTC, hoping to sell them "for the purpose of speculation" at a higher price. Therefore, such transactions should not be classified as tax -free under local law.
"The Supreme Court assumes that Bitcoins will only be purchased with the intention, sold and used to a limited extent."
The officials from Højesteret also found that people who accumulated their Bitcoin supply through cryptocurrency mining and later sold them with profit must also adhere to the tax regulations. Denmark is certainly not a tax paradise and known for its harsh politics. Investors whose profits do not exceed 58,900 DKK (approx. 8,630 USD) are documented with a tax rate of 27 % on their capital profits, while those who have earned more must pay a reduction of 42 %. Lars Rohde-the governor of the Danmarks National Bank (the central bank of Denmark)-is not sharply on the primary cryptocurrency. In May 2021 he outlined the notorious volatility and the lack of centralization and added that he was "irritated to ignore BTC and the entire market for digital assets". "It is at best a very speculative asset. There is no stability and no guarantee from any page about the value of cryptocurrencies," said Rohde. Many of his colleagues, including Andrew Bailey (the governor of the Bank of England) and Christine Lagarde (President of the European Central Bank), are also against the investment class. The former previously warned Investors should be extremely careful when entering the market, as they could lose their entire money. "You have no inner value. That does not mean that people do not attach any value to them because they can have an external value," he added in his bashing manifest
Lagarde has argued that cryptocurrencies are "worth nothing" and "are not based on anything". In their view, dealing with them could lead to considerable losses, since the industry lacks corresponding rules. On the other hand, the French politician is a great supporter of CBDCs because he believes that they could differ greatly from Bitcoin and offer the financial system advantages: "On the day we bring out the digital central bank currency, I guarantee every digital euro-so the central bank will be behind it, and I think it is very different from many of these things." . The central bank does not like BTC