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The National Assembly in France recently knocked down proposals to alleviate the pressure on fiscal regulations in the crypted space.
As reported by Bitcoin.fr, recently there has been a series of proposals to present a more friendly environment to the cryptocurrency firms in France, none of which was able to pass the lower house of the national legislature.
The report listed several amendments proposed to the French tax code, many of which hardly seem radical ideas. For example, Amendment 399 was apparently intended to clarify the distinctions between the occasional use of cryptographic resources with routine transactions, with no reference to trying to take advantage of both classifications. Also a similar amendment for deferring the payment of capital gains taxes until the cryptographic resources have been converted into a failed fiat.
In addition to these, however, there were more substantial measures specifically designed to make cryptocurrencies more interesting. One proposed amendment lists the figures of 5,000, 3,000 and 305 euros as annual tax exemptions for the use of cryptocurrency. None passed. Another amendment aimed at allowing cryptocurrency taxation laws to resemble more closely the traditional tax laws on capital gains has also been blocked without too many ceremonies.
French tax policies have recently captured the imagination of the world's presses. French President Emmanuel Macron has attempted to implement austerity policies and cuts to social security networks as he continues to increase taxes on gasoline that millions of French citizens consider a basic necessity to travel and get a job.
The "Yellow Gilet" revolts that derive from it are all but able to completely overwhelm the government at the moment, but serve as a sad reminder to the legislator that the French Republic collapsed completely several times in the last century and received requests close to 1968 In light of these current events, it could simply be that the French government feels frowned at showing more favoritism with its tax policies.
In other words, this refusal could have very little to do with the overall viability of cryptocurrencies in France. This is an extremely hot moment in the French political scene, and the crypto-bear market may not make proposed amendments such as these possible favors.
