Latvia Legalizes Cryptocurrency

April 16, 2018

The government of Latvia considers recognizing digital currencies as legitimate means of payment for goods and services domestically.

The country’s Finance Ministry and Parliamentary Committees on Budget and Taxation have discussed the matter and finally decided to make cryptocurrency activity taxable. Thus, corresponding law passed, each crypto trader in Latvia will have to pay taxes in amount of 20% of the revenues generated by digital currency transactions.

The officials also claimed to create a special target group on cryptocurrencies formed by the order of the country’s Prime Minister Māris Kučinskis. It being known that the duties of the team includes assessing money risks and probable benefits from using cryptocurrencies.

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