So Italy is now anti-cash and pro-Bitcoin?

[cheezcarls]

The Italian Minister Council continues to wage its war on cash, with the latest ratification lowering the maximum allowed amount for cash payments. This could lead to the rise of Bitcoin in the country.

The current officials are cracking down on cash usage and have lowered the maximum threshold for cash payments from €3,000 to €2,000 starting 2020 and 1,000 Euros onward from 2022.

Click here for the full news

To all Italian crypto enthusiasts here, are you in favor with this or not?

It seems that the prime minister of Italy is now in favor of cashless payments than spending paper bills in various products and services.

I also like his idea that companies who are operating in Italy are penalized if they do not accept credit or debit card as mode of payments for their customers. One thing that Italy should solve is those who are “unbanked”. Of course, not all Italians have a bank account or qualified to have a credit card.

Enter Bitcoin and other cryptocurrencies. I think this is a baby step towards full cashless society, and I strongly believe that Bitcoin and other cryptocurrencies will also be part in their future system. What do you guys think about this?

Is this a great idea for Italy’s future? Should they be a great example to other countries who needs to transition from cash to cashless?

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[DdmrDdmr]

Spain is in a similar situation: Since November 2012, payments in cash are not allowed if the amount is over 2.500€, and one of the parties is either a corporation (except for banks) or a professional (plumber, etc.) is some sort of trade. The restriction does not currently apply to peer-to-peer transactions between non-corporate/non-professional parties.

The idea is to cut down on underground trades by delimiting cash TXs, moving on to traceable digital TXs. France I believe sets this limit currently in 1K€.

I’ve travelled around northern European countries, and they tend to be rather much cashless, and use cards to purchase even a single packet of chewing-gum. Some shops bear a sign stating that cash is not accepted at all. That seems to be a cultural move, and as such, it doesn’t seem to be a booster to using crypto per se.

Italy, as Spain, Greece and other countries, have a long tradition of performing cash transactions to avoid taxes (both in the origin and in the spending). That is also a cultural thing in a sense, different to the one stated above, that perhaps may try to find a work around through crypto. Nevertheless, crypto is not that easy to manage for the common street person, and I don’t believe that cash restrictions would catalyse crypto in a significant proportion.

[joinfree]

Many countries are facing the reality in one way or another that in the next decade to come this world is gradually switching into a cashless ecosystem. Ghana also announced its plans in creating their own digital form of payment not necessarily a cryptocurrency. One thing that i have realized is that, even if these countries decide to adopt digital form of payment most are likely going to create their own cryptocurrency and not necessarily use bitcoin or ethereum. Should this be a great concern for bitcoin holders?

[alyssa85]

Anti-cash does not mean pro-bitcoin.

From what the Italian minister said, it looks like they want people to use debit and credit cards where all payments can be tracked (and thus taxed). Italy has a real problem with a mafia economy where everything is done in cash. It also has a problem with small businesses operating in cash and not declaring all profits, in order to evade paying tax.

Once you insist on electronic payments, it's easier to track actual revenue and tax it.

[ololajulo]

Anti-cash does not mean pro-bitcoin.

From what the Italian minister said, it looks like they want people to use debit and credit cards where all payments can be tracked (and thus taxed). Italy has a real problem with a mafia economy where everything is done in cash. It also has a problem with small businesses operating in cash and not declaring all profits, in order to evade paying tax.

Once you insist on electronic payments, it's easier to track actual revenue and tax it.

When I saw Italy with relation to cashless and bitcoin, I knew there must be an antecedent to the development. They have gone to be the quiet nation in economy and world influence. They have very low impact in cryptocurrency space and this be will impactful to contain corruption among the politicians. Sometimes in politics it can still be a play to the gallery, except going against the ruling party, you may not be exposed.

[rijaljun]

Just because Italy is now anti-cash doesn't mean they are pro-Bitcoin.

Just because China accelerates blockhain development doesn't mean they are pro-Bitcoin.

Things aren't that simple, but I agree that this is one step closer to Bitcoin to get adopted there.

[xZork]

Anti-cash countries do not mean that they support bitcoin and other cryptocurrencies. They are only trying to limit cash payments to avoid tax evasion. If everyone pays with a credit card then every transaction is monitored and taxed, I support this.
I have a question to ask, does Italy consider cryptocurrencies to be a money and allowed to use it to pay?

[Thekool1s]

Anti-cash does not mean pro-bitcoin.

Exactly, India did a similar thing to their "cash" a while ago where they blacklisted certain denominations of their currency. The main purpose behind this is to create a digital ledger of sorts for all the TXs making it more trackable just like @DdmrDdmr mentioned. This also has to do with corruption. From what I have read Italy suffers from corruption so it will help their economy in the long run... BTW accepting cryptos will only hinder their cause. The whole idea stems from removing Anonymity and creating a full trackable system.

[chaoscoinz]

I think that within the future we as a globally collective species will become a cashless society. As of right now we are within the digital age. Everything that once seemed distant is now almost within our reach. Just 100 years ago or so, people wouldn't have dreamed of the technology that we have available today, but a few did imagine!

[blckhawk]

Bitcoin and other cryptocurrencies could help providing an alternative to digital fiat, since not all are capable of acquiring credit and debit cards. In addition, digital fiat and cryptocurrencies are two different things. For one, digital fiat could still be monitored, such as whom are you sending to, your purchases, etc. On the other hand, cryptocurrencies offer true financial freedom, though is often exploited and used for illegal activities. Removing fiat does decrease the need of natural resources, but sacrifices a bit of financial privacy/freedom since cash is difficult to trade while is generally accepted.

[Lucius]

How fact that someone is against cash (which is not completely correct in this case) should mean that the state is pro-Bitcoin? The purpose of such measures is to make as many transactions as possible digitally, which means better control over money laundering, terrorist financing, and the grey economy. It is utter nonsense that Italy could turn to Bitcoin, maybe if this can be a decision they can make, but as part of the EU and a member of the Eurozone best they can do is to make Bitcoin legal tender (same as Germany a few years ago).

Take Sweden for example, about 80% of payments are in digital form, and in a few years it is predicted that this country will completely leave cash. I can not say for sure, but Bitcoin is not so popular there, although there is a lot of talk about mining. A country with low corruption, a stable currency and very likely digital currency (e-krona) do not allow Bitcoin much space.

[seagates]

In my opinion, 1k for cash payment is really to low value. And this anti cash law is not meaning anti fiat

[target]

In my opinion, 1k for cash payment is really to low value. And this anti cash law is not meaning anti fiat

Must be done to collect tax for everyone. Taxing the cash transaction is difficult for the authorities to do so they ban cash transactions, seem a better solution for the government as they see all transaction rather than cash. Doesn't really mean pro-bitcoin but they encourage credit or debit cards. It should be time for the card projects in crypto to work in these countries, projects like Monaco Card and Tenx will be probably be used by those unbanked.

[Twentyonepaylots]

Just because Italy is now anti-cash doesn't mean they are pro-Bitcoin.

They might not pro-bitcoin, there is nothing else to be pro with if you are anti-cash but only the cryptocurrency.
It did not surprise me at all, European countries are pushing these changes to be well working country in the future.

Just because China accelerates blockhain development doesn't mean they are pro-Bitcoin.

This is true, Chinese president Xi Jinping already in combat with illegal activities involving cryptocurrencies and exchanges registered on China. Xi Jinping even stated that it is the blockchain that they are trying to understand and study for further regulation not the Bitcoin.

Things aren't that simple, but I agree that this is one step closer to Bitcoin to get adopted there.

With that things being said Bitcoin is still at large on being adopted coz it is the most reputable cryptocurrency at the moment, maybe even after a couple of decades.

[pundit]

Moving to digital payments does not mean accepting cryptocurrencies. There are lots of tax evasion in cash transactions thats why many countries are moving to digital payments, be it credit cards, debit cards or payments through any app directly linked to bank accounts. If Bitcoin is one of the mode of payment in any country then only it can be called as pro Bitcoin but there are higher chances that countries which are moving towards cashless transactions may consider blockchain technology in their someday and they may recognize cryptocurrencies.

[Lizzylove1]

This policy is already on in some nations of the world, and they call it cashless society, although the amount of cash varies per countries and in my country for example and in some states, extra charges are uncured by defaulters. This really doesn't mean they love bitcoin, but with time, they should embrace crypto as a better option to fiat.

[1Referee]

In my opinion, 1k for cash payment is really to low value. And this anti cash law is not meaning anti fiat

That $1000 cash payment cap will turn out to be high somewhere in 2025 when the government only approves sub $100 cash payments. It's a pretty shocking development because if it turns out to be a success for the government, it's very likely going to be introduced in other countries as well because governments globally want all your value movements to be traceable.

I'm however skeptical when it comes to people switching to Bitcoin because most of the common joes will follow whatever their governments orders them to do. They might even find it a great development because it according to them curbs down on tax evasion and the dark criminal economies that thrive on cash money. Some sheeps just can't be unsheeped.

[YuginKadoya]

I really think that they are a evolving country that are now being ready for the change to come in digitizing every transaction and payments in the future to come, But I think that they still not fully embrace the cashless transaction yet, because in my opinion maybe there are still paper transaction happening and not entirely gone I think it will come in a pace to pace situation in getting to the point of Fiatless and cardless transaction to be attained.

[Youghoor]

The Italian Minister Council continues to wage its war on cash, with the latest ratification lowering the maximum allowed amount for cash payments. This could lead to the rise of Bitcoin in the country.

The current officials are cracking down on cash usage and have lowered the maximum threshold for cash payments from €3,000 to €2,000 starting 2020 and 1,000 Euros onward from 2022.

Click here for the full news

To all Italian crypto enthusiasts here, are you in favor with this or not?

It seems that the prime minister of Italy is now in favor of cashless payments than spending paper bills in various products and services.

I also like his idea that companies who are operating in Italy are penalized if they do not accept credit or debit card as mode of payments for their customers. One thing that Italy should solve is those who are “unbanked”. Of course, not all Italians have a bank account or qualified to have a credit card.

Enter Bitcoin and other cryptocurrencies. I think this is a baby step towards full cashless society, and I strongly believe that Bitcoin and other cryptocurrencies will also be part in their future system. What do you guys think about this?

Is this a great idea for Italy’s future? Should they be a great example to other countries who needs to transition from cash to cashless?

Well, I don't really see any relation between what the Italian Minister council is trying to introduced and bitcoin or cryptocurrency in general. In as much that the current officials of Italy are interested in making they financial ecosystem cashless does not really conclude that they are interested in cryptocurrency and bitcoin to be precise. They will rather prefer a centralized cashless ecosystem than a decentralized one which they might no have any control on the in flow of funds. People shouldn't be very happy about this.

[ChrisPop]

It's not like they would be anti-fiat, they're just anti-cash just like many countries in Europe. Slowly we need to eliminate the cash utilization which is an unnecessary spending. Why use cash when you can easily use electronic payments? Of course that using cash you can make transactions "off-the-grid" sort to say, but if you are a person with high ethics the only thing that wouldn't keep you away from using cash is the possible tracking that banks or people following our accounts' transactions might operate. That is ilegal, but still are you willing to trust the banks on this? That's why I think Bitcoin will totally transform the society as we know it.