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The lower house of the French parliament rejected the amendments to the financial law of 2019 which would have facilitated the taxation linked to the encryption. The French monthly economic magazine Capital reported this Tuesday, December 18th.
The amendments that have been declined by the National Assembly have referred to a draft government financial law for 2019.
As explained by the encrypted local news Bitcoin.fr, Parliament rejected four proposals in total. One of these was to introduce a distinction between normal cryptographic and occasional transactions, offering a more relaxed taxation system for this one.
Another amendment proposed to increase the annual volume of transactions that fall within the tax exemption from € 305 (about $ 350) to € 3,000 ($ 3,430), or even € 5,000 ($ 5,714). The National Assembly has also declined the proposal to follow the current guidelines for titles at the time of the introduction of encryption
As reported by Cointelegraph in November, a reduction of the crypto income tax rate from 36.2 to 30 percent was also proposed; this amendment was mentioned at the meeting of the Assembly, but its current status is not clear.
The head of an association of French blockchains Chaintech, Alexandre Stachtchenko, told Capital that the government's move did not provide any legal certainty to the cryptic merchants and investors of the country. Furthermore, he believes that under the current legislation many of them will prefer not to report their crypto-income.
In June 2017, French President Emmanuel Macron said he would like France to become a "startup nation". The Minister of Economy and Finance, Bruno le Maire, echoed the point of view of Macron, claiming that the country was ready for a "blockchain revolution".
In December, French political deputies offered to spend 500 million euros (about 569 million dollars) for the development of blockchain at the state level in the next three years, in order to respect the path traced by Le Maire.
However, the general attitude of France towards cryptocurrencies remains ambiguous. The country's central bank recently refused to approve a plan that would allow thousands of tobacco kiosks to sell Bitcoin (BTC) as of January 2019.
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