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How to buy Matic in Romania
Is Matic a good investment in Romania?
Matic became a popular coin in 2021, which was a bad year for most cryptocurrencies, especially Bitcoin. Unlike most of the cryptocurrencies that were experiencing a decline, Matic could stay stable; and in a short time, its price increased. That’s why most people started buying Matic, and this token became one of the best tokens on the market. Matic's initial price in 2017 was $ $0.013. The fluctuations of the Matic price weren’t that much until 2021 when the price rose to $1 for the first time in its history. It recorded the highest price of $2.874 at the end of 2021 and then started to fall under $1 again. MATIC was trading for around $0.75 as of September 2022.
Investing in crypto is not possible if you can’t imagine what may happen in the future. However, it’s not clear for any of the cryptocurrencies, and no one can guarantee any predictions for its future. But analysts and crypto experts can give you hints about the future of a coin like Matic. Most experts and top investors believe that MATIC's price will increase in the long term. Therefore, they think this crypto might be a profitable long-term investment. They have expected the price of MATIC to be between $1.97 to $2.27 until 2027.
What is Polygon ?
Polygon is a cryptocurrency network that runs as a sidechain alongside Ethereum. It was launched in 2017 under the name of the Matic network. Later in February 2021, Matic was rebranded to Polygon. Now the Polygon is known as the network name, and its token is called Matic. Polygon was created by a group of Indian developers to help Ethereum expand in size, and increase its security and usefulness. Furthermore, Polygon is the home to a range of decentralized apps. People can participate in different actions on this platform, such as playing games, joining virtual worlds, creating smart contracts, and participating in various financial services. The aim of creating such a platform was to improve the speed of Ethereum-based platforms and reduce the costs of transactions on this network.
Learn more on Polygon official website.
Is Matic 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 Matic 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 Matic in Romania
To keep Matic as an investment, you should choose a wallet to keep it safe and protected. Furthermore, you should always check the price. We recommend you consider an exit point for your investment to prevent losing money while investing in crypto. Moreover, investing is not the only thing you can do with MATIC. You might be able to use it in other ways, such as voting on network upgrades, creating smart contracts, trading with NFTs, buying art, or playing games. As mentioned earlier, MATIC can’t be used to buy regular products online. Until now, none of the brands and companies have accepted this coin on their website or as a payment.
Who can buy Matic 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
MATIC coins can be used as a payment, especially in games or purchasing NFTs. Furthermore, MATIC coin owners can stake matic tokens to vote for an upgrade to the network.
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.
Many experts and crypto investors are optimistic about the future of MATIC. Although nothing will be 100% guaranteed., it is believed that MATIC can be a good long-term investment.
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.
New protocols were added to the Polygon network, and more users started buying it. High-speed transactions and low transaction fees are other reasons why Polygon became popular among investors.