Greek government mandates 30% of electronic spending, citizens will switch to Bitcoin?
Because tax evasion was so frequent, the Greek government decided to apply the new law. Correctly, they will impose hefty fines on those who do not spend 30% of their income electronically. And perhaps this will also be the main reason why Greek citizens are starting to pay more attention to Bitcoin.
Greece is leading people to a cashless culture
Thus, after the law was introduced in 2020, Greek citizens were forced to use 30% of their income electronically, or face a fine of 22% in the rest of that money. Valid electronic payments include debit and credit card and bank transfer transactions.
At the moment, most Greek citizens still use cash to pay for many activities. This includes pay, rent, and utilities for daily living.
Alex Patelis, the chief economic adviser to the prime minister, stated:
“This is a big initiative next year that will either raise more revenue because people will pay the penalty or more likely because of the higher VAT receipts.”
Alex Patelis, The chief economic adviser to the prime minister
Greece must strengthen to overcome the country’s tax system. Recently, it was announced that the corporate tax would be cut from 28% to 24%.
Bitcoin is a plan B in Greek
Andreas M. Antonopoulos, a Greek-British citation needed Bitcoin advocate, said:
Time for plan B in Greece too. The war on cash and the desire for surveillance and control just escalated. WTF!
“Greeks set to face heavy fines if they don’t spend 30 per cent of their income electronically” https://t.co/p09AdX0IZ0
— Andreas ☮ ? ⚛ ⚖ ? ? ? ? ? ? (@aantonop) December 9, 2019
In Antonopoulos’s opinion, plan B is alluding to Bitcoin. In countries with high inflation, such as Venezuela or Argentina, people prefer Bitcoin over fiat. Especially Venezuela, when many citizens here have turned to use cryptocurrency as the main currency in life. Many people have even donated to the country with cryptocurrencies.
Others like the idea of Bitcoin for the Venezuela Initiative. This is a purchased food for those stricken by the country’s problems with the hyperinflation program. More than $ 3.5 billion of remittances sent to Venezuela were recorded in 2019. This proves Bitcoin is a fast, low-cost means of sending money. And more and more appear in real life.
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