Bitcoin: Bercy Reminds Investors that Capital Gains are Taxed

Capital gains tax will apply to investment gains in Bitcoin

INVESTMENT: The Minister of Public Accounts, Gerald Darmanin made a wakeup call Tuesday on the taxation of transactions in bitcoins in France …

For fans of high-risk investments and promises of enormous gains with crytocurrency.  While during the Bitcoin virtual currency flies, the French Ministry of Economy made a small development on Tuesday: “We must remember that if there was added value, tax administration -that the instruction that I would watch him given – that. If this statement was not made, there would be an intervention by the tax authorities, “said Tuesday  the Minister of Public Accounts, Gerald Darmanin.

“You must report and, as such you are taxed”

“In practical terms, this means that someone who would make gains, as you do on your life insurance or on the sale of a property, you must report and, as such you are taxed” the minister said on the occasion of the presentation of the annual report of the department for the fight against money laundering and against the financing of terrorism (Tracfin).

“If there is surplus value, there must be a declaration of these revenues and these revenues would obviously be taxed. If they were not, the tax adjustment would obviously be up to the fraud, “said he said.

Anxiety and monitoring

The minister said the government was monitoring the use of bitcoin and other virtual currencies so that they are not “perverted” to serve “to finance organized crime, terrorism or money laundering.”

The value of bitcoin has multiplied by 15 since the beginning of the year , he had begun around 1,000 dollars, causing concern of financial authorities and the surprise of the market analysts.

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