The Italian government's proposal to raise the capital gains tax on Bitcoin from 26% to 42% sparked a strong reaction from Paolo Ardoino, the Italian CEO of Tether. Ardoino sarcastically remarked, "Italians apparently have no right to combat inflation. Please breathe less."
This reaction followed the statement by Italyâs Deputy Minister of Finance, Maurizio Leo, who announced the plan to increase the tax on cryptocurrency earnings. The proposal has caused a stir, particularly among Italyâs Bitcoin and cryptocurrency communities. Ardoino criticized the move, suggesting it was an attempt to tax successful ventures more heavily and mocking the notion that Italians should not use Bitcoin as a hedge against inflation.
Tether, a company known for buying Bitcoin with 15% of its quarterly profits, is directly impacted by these developments. Previously, Italian Prime Minister Giorgia Meloni had said there would be no new tax burdens on citizens, but this proposal contradicts that statement.
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