Latvia is a member of the EU, so you need to know its currency. Let's find out now.
Official Latvian currency
The Latvian lats (LVL) served as the national currency of the Republic of Latvia from 1993 to 2013. Following Latvia's adoption of the euro in 2014, the lats was replaced as the official currency.
What other currency is there in Latvia?
Apart from the euro, Latvia does not officially recognize any other currency. However, widely-used currencies such as US dollars and pounds can be conveniently exchanged for euros at currency exchange offices located in popular tourist areas, including Riga.
Latvia cryptocurrency and taxation
The income tax rate for capital gains is 20%. According to the Latvian Personal Income Tax (PIT) Act, cryptocurrency is categorized as a capital asset and is subject to standard capital gains tax regulations. This entails the obligation to offset capital gains from cryptocurrency with corresponding capital losses when evaluating the overall annual gain or loss arising from cryptocurrency trading. Unlike other capital assets, there is no requirement to match them against each other; they can be set off independently.
