Taxing bank deposits in Spain. Bad for fiat, good for bitcoin?

[jonald_fyookball]

http://www.infowars.com/spain-to-create-tax-on-bank-deposits/

Taxing bank deposits?  Ouch. Things getting
Worse in the fiat world.  Will his be good for
Bitcoin?  Will it be another Cyprus event?

[jjiimm_64]

ukraine too?
http://globaleconomicanalysis.blogspot.com/2014/03/ukraine-to-impose-wealth-tax-on.html

[lihuajkl]

The interest of deposit is usually taxed. But even the deposit in Spain will be taxed, which means the money you put in bank become less. People will scare and find alternative investment rather than holding cash. BTC is claimed as asset by a few countries and appreciating gradually. It will be an appealing investment for many people.

[Bill Bisco]

The world needs bitcoin more than ever

[Bagatell]

The article being quoted is a rehash of news from last year. As far as I know (I live in Spain) it hasn't been implemented yet.

[dserrano5]

The article being quoted is a rehash of news from last year. As far as I know (I live in Spain) it hasn't been implemented yet.

+1. This was reported yesterday at zero hedge without citing any (recent) sources.

[franky1]

if the scenario does become true...

then it is good for bitcoin for the people that get paid in bitcoin and can fund their lifestyle in bitcoins. but for localbitcoins/exchang traders moving funds in and out bank accounts each day, not so much.

imagine bitstamp or bitpay that move $1mill a day. they will be taxed on every deposit they receive.. (if they were in the territory trialing this)

so dont expect large exchanges to spring up in those territories

[BitAddict]

The article being quoted is a rehash of news from last year. As far as I know (I live in Spain) it hasn't been implemented yet.

+1. This was reported yesterday at zero hedge without citing any (recent) sources.

http://www.abc.es/economia/20140627/abci-hacienda-impuesto-depositos-autonomias-201406262242.html


That tax is already approved but it is 0% right now. They didn't want to start rising it over 0% last year, while Cyprus scandal.
They are thinking rising it to 0.03% on bank deposits in Spain.

Back in december Catalunya wanted to add their own tax on bank deposits (0.3-0.5%)   , but they were not allowed by the Spanish government.

[Ilsk]

I feel sorry for Spanish people.     

[IIOII]

It will have severe consequences because of the erosion of trust. Huge sums of money will be removed from bank accounts if no restrictions are imposed.

It's not clear into which assets the fleeing capital will flow. Precious metals and real estate are among the options. A tiny part could also flow into Bitcoin. But I think the main portion will simply be kept as cash.

However I don't know if infowars.com is a reliable source at all.

[Bagatell]

I feel sorry for Spanish people.     

"They" have plans to do this everywhere, including the US and UK.

[Bagatell]

However I don't know if infowars.com is a reliable source at all.

They are just quoting Zerohedge who were quoting other sorces. The underlying info is correct.

[jonald_fyookball]

However I don't know if infowars.com is a reliable source at all.

They are just quoting Zerohedge who were quoting other sorces. The underlying info is correct.

Reading the news is a habit i've almost weaned myself off of, thanks in part
to this forum... but i guess I had a minor relapse and checked infowars
yesterday.

[dserrano5]

However I don't know if infowars.com is a reliable source at all.

They are just quoting Zerohedge who were quoting other sorces. The underlying info is correct.

But those quotes are old. BitAddict's link, though, is fresh and confirms the news.

[Ron~Popeil]

This will be coming to the US as well. Governments always look for new ways to take our money. Here they generally wait fora manufactured crisis to protect us from. Think sarbanes-oxley and dodd-frank.

[franky1]

I feel sorry for Spanish people.     

"They" have plans to do this everywhere, including the US and UK.

Yep, as far as I know legislation has already been passed for all Europpean governments to put their hand into peoples bank accounts so there doesn't need to be a repeat of the emergency measures of Cyprus. It was proposed as beginning in 2016 but moving it forward is a whole lot easier than getting it through and that's nice, comfortable, far away date.

UK law coming in soon is that if someone has over £5k in their bank and they have not paid their tax, HMRC can take th funds out... even without a court order.

[jonald_fyookball]

I feel sorry for Spanish people.     

"They" have plans to do this everywhere, including the US and UK.

Yep, as far as I know legislation has already been passed for all Europpean governments to put their hand into peoples bank accounts so there doesn't need to be a repeat of the emergency measures of Cyprus. It was proposed as beginning in 2016 but moving it forward is a whole lot easier than getting it through and that's nice, comfortable, far away date.

UK law coming in soon is that if someone has over £5k in their bank and they have not paid their tax, HMRC can take th funds out... even without a court order.

i think all these abuses of power have to be good for making people see the value of Bitcoin.

[jonald_fyookball]

I feel sorry for Spanish people.     

"They" have plans to do this everywhere, including the US and UK.

Yep, as far as I know legislation has already been passed for all Europpean governments to put their hand into peoples bank accounts so there doesn't need to be a repeat of the emergency measures of Cyprus. It was proposed as beginning in 2016 but moving it forward is a whole lot easier than getting it through and that's nice, comfortable, far away date.

UK law coming in soon is that if someone has over £5k in their bank and they have not paid their tax, HMRC can take th funds out... even without a court order.

Yes and that sounds very much like a nice, easy to digest "its only the tax evaders they're after" to make it more acceptable. I bet it will be less than 12 months before it can affect anyone and everyone once the need for a court order is sidestepped with this.

What in the world is going on ?  This seems to be the first time in history, governments gone wild
trying to rape bank accounts of the citizenry.

I had always assumed there was a fairly clear line in the sand, and the government
doesn't cross that line unless there are extreme circumstances...and if the government
starting losing their trust, people would start mattress stuffing and not use banks, etc.

Maybe now they are just saying to hell with it?  or what... i dunno.

[leopard2]

And so it begins.

Bank run in Bulgaria.

http://online.wsj.com/articles/second-bulgarian-bank-hit-by-run-on-deposits-1403883024

So far people used to think, this issue about getting shafted via bank accounts is a thingy for weird islands, with too much Russian dark money, aka Cyprus. But if other countries get hit, this will turn into an unstoppable firestorm. 

And of course the central bank blames "rumors and malicious public statements". It is not the creation of money from thin air, of course not, and also not the fractional banking, no no, it is always "rumors and malicious public statements".

My oh my. 

[Ron~Popeil]

And so it begins.

Bank run in Bulgaria.

http://online.wsj.com/articles/second-bulgarian-bank-hit-by-run-on-deposits-1403883024

So far people used to think, this issue about getting shafted via bank accounts is a thingy for weird islands, with too much Russian dark money, aka Cyprus. But if other countries get hit, this will turn into an unstoppable firestorm. 

And of course the central bank blames "rumors and malicious public statements". It is not the creation of money from thin air, of course not, and also not the fractional banking, no no, it is always "rumors and malicious public statements".

My oh my. 

This is just one of many dominoes. With the next US crisis I am moving my fiat into BTC before they can jam through bailout packages. These kind of reactive laws always have the poison buried in them.