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How to buy Binance Coin in Romania
Is BNB a good investment in Romania?
Binance Coin (BNB) was introduced and launched in July 2017 at the initial coin launch event. At the time of launch, each coin was sold for 15 cents. Binance was able to raise a total of around $15 million from this ICO. The value of Binance's native coin, BNB, has increased significantly over time as a result of the company's explosive growth in the cryptocurrency sector.
The price of BNB cryptocurrency in US dollars increased gradually at first, staying below $50 between 2017 and the beginning of 2021. BNB tokens’ high price record reached $24.71 (in January 2018) during the 2017 to 2018 crypto market bull run. Later, in May 2021, the entire cryptocurrency market experienced a significant uptrend, with some cryptocurrencies setting new all-time highs. As a result, on May 10, 2021, the price of BNB increased from under $50 to an all-time high of $690.93, a 460520 percent rise from its price at the time of the ICO. Additionally, BNB was valued at over $100 billion at the time. By the start of 2023, BNB has been trading between about $245 to $310. Some crypto experts believe that BNB has an outstanding potential to reach new heights. They predicted that it could reach about $1,047 by 2025. In spite of all that, this information is not aiming to act as a buying signal or a financial advice. We encourage you to do your research regarding the crypto market movements and even consulting with a professional before attempting to invest in cryptocurrency.
What is Binance Coin ?
Binance Coin (BNB) is a cryptocurrency that can be used for trading and payment on the Binance platform. This digital currency was first created on the Ethereum network with the purpose of paying transaction fees in the Binance exchange. But in a short time, it moved to its native blockchain, Binance Chain. Binance Chain network was optimized for super-fast transactions. To achieve this goal, the Binance Chain network had to balance between different categories. One of these cases was flexibility in terms of programmability. Therefore, introducing Binance Smart Chain, known as BSC, changed this situation.
In February 2022, Binance’s two main blockchains, Binance Chain and Binance Smart Chain, were grouped together and called the BNB Chain. Binance Coin (BNB) digital currency then was set as a native and exclusive digital currency of the BNB network. This altcoin is based on the ERC-20 standard and follows the same rules governing the Ethereum blockchain. This digital currency makes the Binance Blockchain benefit from the stability and safety of the Ethereum and other Blockchain networks. Also, this digital currency is well protected from theft and has low costs due to its initial creation in the Ethereum network.
Is Binance Coin legal to buy in Romania
Yes. According to Law 227/2015, transactions with virtual currencies including cryptocurrencies are legal and regulated by the Financial Supervisory Authority (ASF) and the National Bank of Romania (BNR). It is estimated that more than 423,000 people, or 2.20% of the population of Romania currently trade in the crypto markets.
Is Binance Coin taxed in Romania
Yes. According to Chapter X, Title IV of the Romanian Tax Code, the National Agency for Fiscal Administration (ANAF) states that revenues from crypto falls under the category of income from alternative sources, and profits, whether that is gains or income, are subject to Income Tax. According to the same tax code, you need to pay 10% Income Tax on both any capital gain or any additional income from your crypto investment activities in Romania, and this is if your total earnings throughout the financial year exceed 600 Lei.
After you've bought Binance Coin in Romania
At first, BNB was used to support the Binance exchange's development and marketing with the money raised from it. Binance Coin (BNB) today facilitates discounted crypto trading on Binance in addition to providing holders with access to the launchpad of the exchange and a number of other goods and services. Besides, nowadays Binance Coin is similar to other digital assets in the market from a general point of view. It is a form of digital asset that can increase in value based on user usage and transactions. Users can also hold BNB like other cryptocurrencies in compatible wallets and send and receive this asset directly.
Who can buy Binance Coin in Romania
Anyone can use fiat currency deposits to purchase cryptocurrencies in Romania with the help of exchanges. Additionally, our exchange provides secure and fast transactions in Romania through different means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal without charging any transaction fees.
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Frequently asked questions
Binance Coin is worth buying due to some of its unique usages compared to other cryptocurrencies and its offering of great features that other coins don't have yet. For example, the Binance Visa card project could greatly increase the adoption of BNB. Since it converts BNB cryptocurrency into fiat when used for payment, this special feature could make BNB more popular. Also, this digital asset has a very high volume of daily transactions. However, perhaps the best value of Binance Coin these days is that it could eventually replace Ethereum because it is cheaper. With Ethereum fees increasing in February 2021, many developers have switched to the Binance Smart Network (BSC), leading to an increase of BNB value.
When you move crypto between wallets you own, the ownership is not transferring so it seems like it should be a tax-free transaction. But, since the ANAF have been quite vague about transfer fees in Romanian Tax Code, there is the potential that transfer fees may be viewed as spending crypto and as such, a taxable transaction.
Yes, you can. According to Law 227/2015, buying, holding and selling crypto assets is not restricted in Romania as long as you don’t violate any market security law and tax regulations.
Our exchange allows you to buy BNB with a minimum order size of $10. You can complete your BNB token purchase using various payment methods provided by our exchange. Choose whichever suits you best and proceed your Binance Coin investment easily.
You file your crypto taxes for the ANAF using the Personal Income Tax Return form. You can also do this via the ANAF online portal.
There are several ways to keep your BNB investment safe: One of the most effective ways is to store them in a hardware wallet, which is a physical device that securely stores your private keys. Additionally, you can use a software wallet, which is a digital wallet that can be stored on your computer or mobile device. Plus, our exchange provides a user-friendly personal online wallet that offers additional features and is easily connected to multiple trading options for BNB cryptocurrency, making your trading experience more efficient.