The 🇫🇷 French Senate has approved the 2025 budget, which includes an “unproductive wealth” tax targeting assets like Bitcoin.
The tax would apply annually to unrealized gains on cryptocurrencies.
The proposal now awaits a vote in the National Assembly.
👀 sh*t
Two words: "plausible deniability"
With #monero maybe, but not so much with #bitcoin.
KYC3! Use #Robosats nostr:nprofile1qqs2gazhwghppw36yu0muuzqykdrcndzeafml50pnqfcy9xjx5rylssppemhxue69uhkummn9ekx7mp0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qgmwaehxw309ahx7um5wghx7unpdenk2urfd3kzuer9wchsg3ewyk #Bisq etc... Do not buy from Conbase, Krappen sand the like. The Government is not your friend. Run your own node. Set up a lightning wallet, coinjoin spends, there are many tools. Be Free
#FreeSamourai
😂 Thieving what you haven't got... was going to happen eventually...
People appear to believe that just because something hasn't been done yet historically that that is going to continue, nope...
Thieves always want more, they'll take whatever doesn't get them killed.
If this passes, French bitcoiners better find another domicile
It's said so easy, but depending on your circumstances this might be no option.
I've had this argument with my friends and family who hold BTC (and alts) so many times.
"But why wouldn't you just declare your BTC as legally required You'll get in trouble for nothing. You always say you will never sell, so they will not tax you."
"Yeah, until they decide they will. Then, because BTC is all I have, I won't even be able to pay the taxes, so they will effectively confiscate it and make me broke".
After the covid hysteria I realized that those are the kind of people who will likely rat you out when the state starts turning the screws tighter. They’ll be doing it “for your good”.
As a matter of fact, it's been a while since I gave anybody specifics. Not even my wife knows exactly how much I hold anymore, or where. (I do have written instructions safely stored in case I die).
Correct, and I am afraid that if this legislation is approved, it will gradually be adopted by the rest of the member states of the European Union.
Atlas Shrugged in the making.
Do you understand why it is important to buy and sell Bitcoin on NOKYC platforms like Bisq, Robosats or lnp2pbot?
Don't you find it weird that is on the same time with the staged "ransom" attack on ledger ceo?
Strange to say the least
Holy motherfucking shit.
Wouldn't courts in France/EU have a field day over taxing unrealized gains? I'm no expert, but if they could have done this it would probably be in place years ago
They tried something similar in Britain and 10,000 wealthy people left 😄 So now they're repealing it. If this goes through, same thing will happen.
No doubt it will repeat in France, I guess early elections in France is now a good possibility 😆
No offense, but are you American?
Again, not trying to attack you, it's just that was a typically American naive comment.
Like, appealing to the courts to prevent an abuse of power, as if there was any sort of constitutional guardrails and checks and balances on the legislative/executive power (or on the judiciary itself)... in Europe?
That's just not how Europe rolls, my friend. The State is unbound to any sort of limitation on its power to rule.
The only reason why it doesn't go full North Korea is that Europe's historical path took it somewhere else, and the status quo needs to play "democracy". The frogs can only be boiled slowly. But boiled they will be.
อย่างเลวเลย
ถ้า Vote ออกมาได้จริง ไม่มีทางที่คนจะสร้างฐานะได้เลย คงจะหนีออกจากประเทศกันเพียบ #siamstr
Do France a favor and take your unproductive wealth (the wealth you obtained through production) out of the country.
One really has to think this through.
Let's suppose this law passes. Then you buy 10EUR of NO-KYC BTC and decide not to pay this bullshit unrealized cap gains theft levy.
10 years later you meet the girl of your dreams and want to use your BTC for a deposit on your first home and start a family. BTC is not legal tender in France yet.
I assume you would need to pay some kind of fine for those outstanding taxes
What a fuckuop
Would you really buy a home in such a country?
Bitcoins have one magic property that they can instantly disappear and appear anywhere in the world.
That's why I included the marriage part. Let's say yes you want to buy a home in the country where your family and your spouses family live.
This is not me FWIW, I tear out my roots, but I know many people who think this way.
In such case, an investment in real estate has to be considered as potential loss.
Start with taxing the unproductive Senators!
Then let’s start with taxing the unrealized gains of accumulating ETFs like MSCI World and let’s see how the ETF scene would respond 😅 This is certainly terrifying 🥲
Europe will continue sucking the blood of its citizens, while they keep snoozing.
Monero (XMR) if you don’t like taxes.
What if somebody has genuinely lost their keys to KYC btc?
The French Gov is asking for another revolution.
With heads cut, I hope.
I hope it goes without blood shed but every of 3 French revolution was bloody. My point is broader - either Europe wakes up and revolt against this socialist bullshit now … or does it later. The change is inevitable like Thanos.
Another reason to never declare anything and run out of those countries.
French people in for a big surprise in a hand full of years as their tax receipts go WAY DOWN. These Elites never learn.
I wrote a recap on this proposal
note1ehxjuyhv26h0fyamwmxt38un0rldhf0v0kvw0nht8zfnkl40x0pq4mx9am
unproductive gains is a wild label
So what the French Senate is saying is, "Please don't live in France."
They are sawing off the branch they are standing on. Eventually, they'll come around, when their country's government gets too broke.
EVERYONE eventually bends the knee to Reality -
since, "You don't break the law. The law breaks you."
