What if you can't use wealth gotten from crypto to buy assets

[alani123]

You can't buy any assets directly through crypto, for example, crypto is still illegal in my country, but we have an opportunity for p2p transactions where we can sell our crypto and get our local money and with that local money we can buy anything. Buying something directly through crypto and selling that crypto and converting it into local currency and buying something with that is the same thing as credit crypto. Because that money is coming from crypto. People trust and invest in crypto a lot here, but it hasn't reached the point where it can be directly exchanged for any asset. But it will be in the future.

This is not easy feasible because in Greece a recent law following EU legislation has made it so transactions over 500 EUR can not happen in cash legally. This means that any business can not sell you anything with a large cash transaction or they risk large fines and potential closure.

Of course you can buy with individuals but also in these cases enforcement can catch up in the future. For instance, when you transfer the title of a car the transaction can be in cash still as there's no enforcement. But since the transfer is visible to the government they could start retroactive enforcement for the last 5 years anytime... It's a crazy thing to consider. Of course I'd still do a car purchase P2P but a house? I'm not so sure if I'd take the risk.

[tygeade]

This is also my plan. What I intend to do is I sell or comvert my assets in crypto to stablecoin then sell it p2p. There are p2p sellers here in our country who do meetups when you want to buy or sell huge amount of crypto. Then after I got the cash, I will use it to buy tangible assets like real estate and gold to diversify my investments.

I would say p2p part is really not good for the time being. There are other nations that allows you to do it, meaning you can have a bank account in that nation, and then send it to your own nations bank account which would not be an issue.

For example, go open an Estonian bank account, you can do that easily, and then, when you take out the crypto there, then you send it to our own bank account in your nation, simple as that. Still doesn't require p2p. I am 100% sure that we are not going to see this change, and it's very important that we are not seeing how it would be an issue for us at the time. We need to just make some money with time, and if we do, then after we already have the money, rest will not be an issue.

[goldkingcoiner]

Of course this is an unenforceable law

This is really the main point, isn't it?

There will always be dumb politicians making dumb laws which cannot be realistically enforced. And those dumb laws will be scrapped over time, once they realize it. How many such dumb laws have always existed since the dawn of mankind. That does not mean we should panic over them each and every time. The only time there is a need to panic if the law can actually do what it is meant to do.

[Alphakilo]

So long as the government doesn't issue a law on how cryptocurrency should be taxed, smh money gotten from crypto sales can not be used to buy assets or as collateral for loans.

One of the things I have known from watching the government is the that when they don't understand indepth about something what they do is to resort to making a very ambiguous rule or they totally go against it.

And you know what, I don't even blame most times, it is not their fault. It is just that there are a lot of conservatives who are in government that do not understand new technologies and when they take decisions, they want to do it to protect the government itself.

In this, my opinion is that it is not going to be long term as long as there can be some people who understand crypto well enough that can have a high level advocacy meetings with the government to clearly help them to understand cryptocurrency.

[Dump3er]

In Greece recently there was a court case that was initiated years ago after an individual asked the government to provide instructions on how to tax his crypto.

Courts threw the ball to the tax authority because so far they had avoided to issue a clear guideline. And what did they say?
Now in Greece it's officially recognised as legal to sell your crypto for real money. But there's a big caveat.

So long as the government doesn't issue a law on how cryptocurrency should be taxed, smh money gotten from crypto sales can not be used to buy assets or as collateral for loans.

You don't have to say to the government how much you made from crypto sales, but you also can't use it for serious stuff like buying houses, businesses, getting loans, getting cars, boats, or even buy anything over 500€.. 


Of course this is an unenforceable law but it also means that there will never be a big crypto business in Greece because they can't go official.

It's one of the most absurd treatments I've seen a state having towards crypto. They're basically telling you that if you want to trade crypto you have to do everything under the table since we don't want to bother with texting you or recognizing your gains.

Wait, you can sell crypto for money and use the money to buy assets of any kind, but you can't use the crypto to buy assets without liquidating it for cash beforehand? Or no you are saying that I can't use the money from crypto sales actually, but this law or rule is bound to fail or will at least entail a plethora of legal issues and trials. I have heard that Greece administrative sector is not the most efficient, now I know why.

Has the last word been spoken about this? If this is like a preliminary guideline, it could easily be overthrown soon because they will run into all the problems one can imagine. Perhaps some court gave the government a deadline until when they have to pass a regulatory tax framework. Otherwise crypto sellers will find ways to use their money.

If I sell BTC in Greece and the money hits my bank account and I then go to a car dealer and buy a car, what's going to happen? Is the bank going to conduct an investigation before they process the transaction for the car? I agree that this unenforceable.

[Orpichukwu]

The Greek government just wants to complicate things for crypto users. They don't want to let them be, and they also don't want to ban crypto, and I just hope they won't come back to fight what they are pushing the people into in the near future, because this move alone shows that they are indirectly pushing people to commit the crime of forgery. You can't tell me I'm allowed to make money but can't use that same money to get what I want in the country where I'm a legal citizen. I will definitely find my way around.

[harapan]

It's one of the most absurd treatments I've seen a state having towards crypto. They're basically telling you that if you want to trade crypto you have to do everything under the table since we don't want to bother with texting you or recognizing your gains.

I think the Greek government are being selfish with this demands and they are doing so such that they can be able to fall back each time they want to. Must everything come under the table before approval, it doesn't make sense but rather they are portraying a high sign of greed mixed with power.