France Will Not Tax Cryptocurrency Transactions

French Finance Minister Bruno Le Maire said that transactions in digital currencies will not be taxed. Traders will pay tax only if they convert cryptocurrencies into fiat money.

“We believe that the moment the gains are converted into traditional money is the right time to assess tax.”

He also said that value-added tax will be accrued only if cryptocurrency is used to purchase services or goods.

In July, French authorities began licensing companies representing the cryptocurrency industry.

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