PANews reported on November 1 that according to Cointelegraph, at the World Savings Day event on October 31, Italian Minister of Economy and Finance Giancarlo Giorgetti refuted criticism of the plan to increase Italy's capital gains tax on cryptocurrencies such as Bitcoin to 42%, saying that digital assets pose "very high risks" and highlighting the need to impose additional taxes.
Previously, the Italian Council of Ministers had approved a budget bill that would increase the withholding tax on Bitcoin from 26% to 42%. Giulio Centemero, a member of the Italian House of Representatives, posted on social media that taxing cryptocurrencies would be "counterproductive" and called for further discussion among legislators. According to the budget proposal, the Italian government hopes to increase revenue by about $18 million per year after raising the cryptocurrency tax rate.
