Cuba Uses Crypto to Evade US Trade Restrictions, Trump Banning Cryptocurrencies and France Exempts Crypto-to-Crypto Tax
Here is your daily overview of interesting, important and market moving cryptonews.
Cuba’s Citizens Use Crypto to Evade US Sanctions and Trade Restrictions
With the United States cutting Cuba out of the global financial community, international trade has been one hell of a fight — and in this fight, crypto obtains a greater and greater role.
Cubans can no longer use credit or debit cards like others do. Thanks to the advancement of the internet and smart mobile devices, Cubans now easily exchange their pesos for cryptocurrencies and use the crypto coin for many purchases they need to make outside of the country.
Adrian Leon, the founder of the first crypto exchange in Cuba: “… for Cubans, the use of cryptocurrencies is a necessity and can be a solution to their exclusion from the global financial community.”
However, the government is yet to say whether on not an official cryptocurrency is coming anytime soon.
Trump Banning Cryptocurrencies, Rumor or Not?
The U.S. President has addressed on several occasions that he is not a fan of Bitcoin and cryptocurrencies. Back in March 2018, Donald J. Trump signed an executive order which was presented to ban the Venezuelan cryptocurrency Petro.
If the bill gets approved, Petro will be the first crypto banned in the U.S. The government can go on to ban more cryptocurrencies in the country. Jason Brett, founder of Value Technology Foundation, said:
“The implications for this are huge because it could be Bitcoin or some other cryptocurrency inserted into this language, we’re talking about a road map for how to ban a particular cryptocurrency.”
For now, the users have to wait for the next move from the US government and what plans Trump has for cryptocurrencies.
France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money
France’s economy minister Bruno Le Maire declared that France will exempt tax on crypto-to-crypto trade but will impose tax when cryptocurrency is converted to traditional money.
France has decided to introduce these new taxation laws that strengthen the prospect of investors and traders being involved in crypto-to-crypto trading in the country, while the government can obtain taxes from the conversion.
To avoid the tax impact, many traders have turned to social media promotion and lobbying for a minimum tax on crypto trade, and making small transactions under a set limit excluded from the capital gains taxation.
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