Europe agrees on crypto taxes while Dutch resistance against digital Euro is growing

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Last Updated on 6 November 2023 by CryptoTips.eu

Just as European finance ministers reach an agreement to combat crypto tax fraud, opposition to the digital euro is growing in the Netherlands. Dutch Finance Minister Sigrid Kaag made her objections clear to her colleagues in Brussels. The Dutch protest even reached the pages of the influential Financial Times.

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Lagarde

Europe is pushing ahead with crypto regulation with its Mica (Markets in crypto assets regulation) legislation, clearly designed to attract US technology giants. The EU also wants to tax crypto profits. According to a calculation made by De Volkskrant, this could yield 2.4 billion euros.

Meanwhile a digital Euro is being developed in Brussels (and Frankfurt). Christine Lagarde, current boss of the European Central Bank, has embraced the project ever since taking over in 2019 from her predecessor Mario Draghi, who didn’t find the idea very interesting.

Whereas China is already a step further (it introduced the digital Yuan during the Beijing 2022 Winter Olympics), the EU meanwhile has a clear lead over the United States and the United Kingdom.

Protests

In various countries, however, the protest against that ‘digital Euro’ is growing, even though it is now clear that it will be introduced in 2026. T​those protesting believe that Europe will be able to see what they are spending their money on and that this will put an end to any financial transactions outside the system.

In particular, the interventions during Covid-19 by some Western governments into the liberties of their own population has convinced several Dutch people that a digital Euro will allow the state to strictly control their spending, in some cases even ban them from purchasing meat or alcohol, for example. Others think that all cash currency will eventually disappear and black markets will no longer exist.

Although there is currently no evidence that this is the intention, many in the Dutch Parliament clearly take these objections seriously. For example, Minister of Finance Sigrid Kaag wrote that the currency must offer a ‘high level of privacy’ and she said to the other members of the Eurogroup that she is ‘skeptical about forcing the use of a digital euro’.

paulgrecaud / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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