Bitcoin has a Bright Future in Greece as Government encouraged Electronic Spending
The government of Greece has changed the laws to deal with tax evasion in the country as the many reports and researches top Greece among the top countries in which tax evasion is high. The government will fine 30% on those whole will not spend 30% of their assets electronically. The scenario leads people to see for Bitcoin to make transactions online.
Tax Evasion in Greece
The people in the country try to hide their properties and assets so that they can pay low taxes. Previously, there was no scrutiny at whether they pay taxes on all their assets or not. The report published in The Economist revealed that tax worth of $30 billion is not collected in the state due to evasion.
But now the government is paying special attention to handles tax evasion as they made it mandatory for every citizen to spend 30% of their income online or electronically. In case of failure, they will have to pay 22% fine on all his assets or sum.
Good news for Crypto Community
The current position for spending online will boost the cryptocurrency in the country. It seems that Bitcoin will fill the current gap and fulfill the desires of the Greek people. The crypto community is welcoming this initiative because it can pump the price value of the Bitcoin and can influence it to go for a higher position.
A blockchain enthusiast and supporter of cryptocurrency, Andreas M. Antonopoulos, welcomed this and encouraged planB to come to Greece as well.
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
The Bitcoin has also supported the countries in the past that were facing the inflation state. A perfect example of this is Venezuela where people also helped the state by donating in cryptocurrency. But the Greece case is somewhat different where the government is officially asking people to use electronic transactions system and gap is expected to fulfill by the cryptocurrency including Bitcoin.