European Governments “Supporting” Cryptocurrencies
Many many times, when dumb governments try to regulate something, what they get is the opposite of what they were trying to do.
This year the Spanish government approved a law to bring the maximum payment in cash from €2 500 to €1 000. In Portugal, the government approved cash limit transactions to €3 000.
http://theportugalnews.com/news/portugal-to-impose-cash-limit/38462
and
https://www.euroweeklynews.com/3.0.15/news/on-euro-weekly-news/spain-news-in-english/142251-spanish-government-to-limit-cash-spending-to-%E2%82%AC1000
With this legislation governments try to track every financial transaction and avoid tax evasion. It is also a huge strike against individual liberty. If you want to give €3 000 to your mother you need to make a bank transfer or write a check. This way, there will be always a registration of your transaction and if the government suspects of tax evasion they can come after you easily.
This measures also help the banks. Once the cash transactions are limited, more people are forced to use their bank accounts to make payments.
HOWEVER there are alternatives! And fortunately, this alternatives are getting more and more mainstream!
I’m talking of course about cryptocurrencies, Bitcoin, etc.
Yes, in the end those dumb governments are helping the banks in the short term.. but in the long term they are giving the best help to cryptocurrencies.
Limiting the use of cash is to make it even more unuseful. What alternatives do you have that are very very useful, convenient, safe and easy to use: Bitcoin!!!
Yes, we are getting closer and closer to the moment when Fiat money will exist only in museums. And this way, the governments that created the Fiat money are helping Bitcoin more than ever.
Well written @bitatlas. Upvoted!
I agree with you, but don't forget that those same governments are trying their best to regulate cryptos too.
They have done some damage until now. For example, some big exchanges are limiting their services to certain regions only. Another problem is converting crypto to fiat, and the list goes on.
I know.... Maybe in the future governments understand that they cannot fight anymore crypto... but it may take a lot of years to happen.
If the peer-to-peer transactions continue to grow, and UI for using cryptos become more user-friendly, governments will be forced to accept the reality.
Yep! Agree 1000%!
Its soo true viva revolution 🤣
Nice read keep on steeming !
Thanks mate! We are making our own path!
The EU is becoming more and more authoritarian, what did you expect? Luckily, decentralised alt-tech is on the rise as a reaction :)
Oh yes, and now is unstoppable! :D
I sure hope so. The less government control, the better, though I'm not an anarchist, governments still have their uses, but they keep trying to butt into everything where they don't belong.