Italy considers scaling back plans to increase cryptocurrency taxes

Italian Prime Minister Giorgia Meloni is reportedly open to a proposal to scale back tax increases on cryptocurrencies.
On the 12th (local time), Bloomberg reported, citing sources familiar with the matter, that the Italian government is pushing ahead with a proposal to raise capital gains tax on cryptocurrencies from the current 26% to 28%.
That's much lower than earlier reports calling for an increase from 26 percent to 42 percent. Giancarlo Giorgetti, Italy's economy and finance minister, said:
Giorgetti defended the tax hike plan on October 31. No specific reasons have been given for the Italian government scaling back its plans to raise taxes on crypto assets. However,
This may be due to the rise in prices of many cryptocurrencies following the election in the United States, which saw the election of many lawmakers who support crypto-friendly policies.
In 2023, Italian lawmakers will introduce a capital injection for cryptocurrency transactions over 2,000 euros as part of their budget proposal.
The proposed increase in the gains tax rate to 26% would have raised about $18 million a year under the previous 42% increase, but the 28% increase would have reduced that amount.
The proposed tax increase still needs to be considered and approved by the Italian parliament.