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Learn More about buying XLM in Latvia
How to buy Stellar in Latvia
Is XLM a good investment in Latvia?
Like other cryptocurrencies, it’s hard to know if investing in XLM is profitable because it’s not predictable. However, some facts and data can help you analyze the performance of a token on the market. First, we can take a look at the history of XLM and its price in the past. XLM released in 2014 with the price of 0.002 USD. After a year, it reached 0.005 USD, which is almost twice its initial price. It means that if you had invested 1000 USD on buying Stellar or XLM, you could have 2500 USD after a year. Therefore, it would have been a profitable investment for one year. Additionally, the experts in this field believe that the coin might reach 10$ by 2030. This means it might be a valuable long-term investment.
Meanwhile, you should also know that like other cryptocurrencies, investing in XLM is risky too because any incident or news about this company or even other coins may affect the price of XLM. However, since Stellar is a practical network with fast and low-wage transactions, it is predictable that more and more people will start using this platform and its coin. The more this network grows, the more valuable it will get. Therefore, it’s more likely for it to be a successful investment than a failure. Furthermore, you don’t need to mine XLM like other coins; there are an exact number of this token out there that you can buy or sell.
What is Stellar ?
To learn more about XLM, we should take a deeper look at the Stellar network. Stellar is an open-source and decentralized network for digital currency that was created in 2014. Its process is so similar to ripple (XRP). While Ripple focuses on providing a solution for transfers between banks globally, Stellar aims to facilitate payments between people around the world. But the working method of both is almost the same. Stellar is a fast and cheap network, every transaction on this network is done in 6 seconds and will have a low fee of 0.0001 USD.
Learn more on Stellar official website.
Is Stellar legal to buy in Latvia?
Yes. According to the explanation of the virtual assets document by the Latvian Financial and
Capital Market Commission, a virtual asset or cryptocurrency is a digital representation of value
not issued or guaranteed by a central bank or any other public authority, that may be digitally
transmitted, stored, or traded, and that may function as a medium of exchange for payment of
goods or services with persons who mutually agree to accept the virtual currency.
Is Stellar taxed in Latvia
Yes. According to the Latvian Income Tax Act, there are two types of income that come from
selling cryptocurrencies: 1. Capital gains and 2. Income from economic activity.
According to the above-mentioned Income Tax law, capital gain from selling crypto assets is the
difference between the purchase cost and the disposal cost of the crypto assets. If it is not
possible to determine the purchase price of virtual currency, the purchase price is considered to
be 0. As stated in Latvian Income Tax Act, income from economic activity is triggered when the
virtual currency is sold as part of an economic activity or it is generated or received as payment
for goods, services or an occupation. In this case, economic activity must be registered and
personal income tax must be paid in total. Both capital gains and income from economic activity
are subject to a personal income tax rate of 20%.
After you've bought Stellar in Latvia
Lumen (XLM) is the money in your e-wallet. Any transaction you can do using physical money, can be done using XLM. Lumen is your asset; you can save it in your wallet and sell it whenever its price rises, or use it to buy different things. Even some people use this crypto as a payment of dollars or euros. For example, if you have to transfer money to your friend in Europe, you can use XLM instead of Euro. However, both of you should have the e-wallet that supports this token to be able to do this transaction. Stellar doesn’t have an official wallet, people can use different wallets from exchanges that accept this coin.
After buying XLM, if you want to hold it as an investment, it’s better to keep an eye on the rate of this crypto to trade it at the best time. If you want to use it, you need to check the projects or companies that accept this coin to see how you can spend it online.
Who can buy Stellar in Latvia?
Anyone can buy, sell, and hold cryptocurrency by the use of cryptocurrency exchanges in
Latvia. This is specifically because it is easy and quick to start an account and buy your desired
crypto assets through an exchange service. Popular and secure payment services such as
Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal are also accessible
in Latvia if your exchange supports payments by these methods. Our exchange offers fast, legal
and safe cryptocurrency transactions through the stated payment services. Our exchange is
also one of the cheapest ways to buy cryptocurrency as we charge no fees for cryptocurrency
transactions in Latvia.
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Frequently asked questions
If you want to keep XLM as an investment, you need to know that XLM can be a good long-term investment. It is not recommended to think about a short-term profit while buying this coin.
Yes. Note that according to Latvian Income Tax Act, selling your cryptocurrency can be subject
to Capital Gains Tax with a 20% rate, so it is advised to keep records of your cryptocurrency
purchase and sell transactions.
Yes. According to Latvian Income Tax Act, you need to submit a tax declaration if your total
income from transactions with capital assets exceeds EUR 1000 in a quarter, as in the year
2022. (Latvia follows a quarterly tax method which means that the year is divided into four
No, the minimum amount of Stellar XLM you should have in your account is 1 XLM. You can’t activate any wallet without 1 XLM.
It is estimated that over 62 thousand people, 3.3% of the total Latvian population, currently own
at least one form of cryptocurrency.
Different analysts have predicted the future of XLM up to 2030. They have positive opinions about the future of this coin. Some even believe that the price of XLM will reach $10 by 2030.