PANews reported on November 1, citing Cointelegraph, that during the World Savings Day event on October 31, Italian Minister of Economy and Finance Giancarlo Giorgetti refuted criticisms of the plan to increase capital gains tax on cryptocurrencies like Bitcoin to 42%, stating that digital assets carry "very high risks," highlighting the necessity of collecting additional taxes.
Recently, the Italian Council of Ministers approved a budget bill that raises the withholding tax on Bitcoin from 26% to 42%. Italian MP Giulio Centemero posted on social media that taxing cryptocurrencies would be "counterproductive," calling for further discussion among legislators. According to the budget proposal, the Italian government hopes to generate approximately $18 million annually after raising the cryptocurrency tax rate.
