Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bitcoin Prices Rise As France Cuts Crypto Taxes By 50%

Published 04/29/2018, 11:51 PM
Updated 04/29/2018, 11:51 PM
Bitcoin price rose on Monday

Investing.com – Bitcoin price rose on Monday following news that France cut cryptocurrencies taxes by 50%.

Bitcoin was trading at $9,370.4.9 by 11:51PM ET (03:51GMT) on the Bitfinex exchange, up 1.1% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, gained 4.9% at $533.68 on the Bitfinex exchange.

XRP/USD’s XRP token climbed 2.6% higher to $0.85850 on the Poloniex exchange.

Meanwhile, Litecoin added 0.9% to $151.67.

Cryptocurrencies are now taxed at 19% in France, significantly lower compared to the previous taxes, while profits are now categorized as “Movable Property.”

Reports that Iran developed its own blockchain-based cryptocurrency also garnered some attention, as the news came just days after the country’s central bank banned bitcoin trading amid escalating concerns on money-laundering and volatility of such digital coins.

The new Iranian cryptocurrency was jointly developed by the Central Bank of Iran, the state-run Post Bank, and Iran’s Information and Communications Technology (ICT) ministry, according to reports.

“Last week in a joint meeting aimed at exploring the progress of the project, it was announced that the experimental model is ready,” Mohammad Javad Azari-Jahromi, the country’s information and communications technology minister said.

Azari-Jahromi then noted that Iran’s bitcoin ban does not mean the country is completely against virtual currencies, and pointed out that the central bank’s ban does not cover local cryptocurrencies.

“The central bank’s ban does not mean the prohibition or restriction on the use of the digital currency in domestic development,” he said.

Latest comments

I always hear about blockchain technology without really knowing what it's all about. On Bitcinternational.com, my only activity is cryptocurrency trading. If the Ethiopian government has the blockchain introduced to Agritech, I hope it has thought of all the security parameters. Because I would like trading to have more value and a stable evolution of costs would not be a refusal.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.