Bringing Bitcoin closer to hard cash in Italy
There are about 7 million people in Italy, who do not have the bank account and by that I mean that they had never had one.
Italy has made first step towards Bitcoin by implementing the same regulations as they do to cash.
Italians just love cash. There are about 7 million people in Italy, who do not have the bank account and by that I mean that they had never had one. At the same time however, the number of population that downloaded bitcoin wallet places Italy 12th among other countries and this is only what can be traced.
Although, on the general technological front Italy is far from the techy countries in EU. That probably is due to distrust to digital means of managing money and as we know, that kind of confidence is not easily earned.
Returning to the point, the amendment. It was proposed as an addition to Destination Italy – new budget distribution. The aim is to make Bitcoin transactions over 1000 euro traceable by imposing the law that would oblige those making the trades to provide some id of the sending side.
While many from cryptomovement would believe such a restriction somewhat harsh, the explanation under it is quite reasonable. A country that loses around a hundred billion cut of its taxes has all the justification to implement such a restraint.
Anyway, others regard this as good opportunity for cryptocurrency to dig its way into the law.
The proposition was made by a Sergio Boccadutri who is an active member of Italian parliament. His opinion on the electronic payment differs from the majority of Italians. Although, at first many has concluded, that the consequence of the amendment would be taxation of the transactions, but Sergio in on Twitter (where he promotes many of his ideas) he made it clear that this is not the case.
Although, the proposition divided Italian community in two opposing parties (speculated by Italian Bitcoin enthusiast Franco Cimatti), those who believe that such a law could provide a better implementation of coin and those who do not share such opinion, this is a small but important step to crypto believer.