Taxation Side of Bitcoin & Cryptoсurrency in Italy

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The cryptocurrency regulatory framework in Italy still has many uncertainties, particularly around tax obligations, in addition to anti-money laundering (AML) and financial transparency onuses and obligations. The Italian tax authorities have offered some indications, but tactlessly they are very far away from convincing.

Cryptocurrencies such as Bitcoin, lack some key features of legal tender currencies, for instance, they are not provided or issued by the central bank, they are not publicly controlled or supervised and, they lack legal tender and have no liberating value.

This implies that while a payment in dollars or euros or any other fiat currency, must be forcibly accepted and inevitably released from any debt, nobody is required to accept a crypto payment.

Legal Definition of Cryptocurrency in Italy
The exchange and value determination of a digital currency, conversely, only holds on to the agreement and the negotiating power or will of all the subjects that choose to exchange it and to accept it willingly as a method of payment.

This undertone is not only the result of doctrinal concerns, but has also been confirmed by the European Union (EU) Court of Justice, which in a sentence of key importance has recognized that cryptocurrencies are not comparable to "legal/real" currencies but must be regarded as just means of payment.

Furthermore, the Italian law is associated with this principle: the definition of "cryptocurrency" brought by the changes to the AML legislation (Law 231/2007) denotes that it is:

“A digital representation of value, not issued by a central bank or by a public authority, not necessarily connected to a currency having legal tender, used as a medium of exchange for the purchase of goods and services and transferred, stored and electronically negotiated."

Read the details in the article of Coinidol dot com, the world blockchain news outlet: http://No link shortners - please include original link/2IE0fyV