Italy proposes levy on savings in safety deposit boxes

Italian safety deposit box proposed tax, a bullish news for Bitcoin

Possible the best thing that has ever happened to Bitcoin

According to an update which surfaced on Wednesday, the Italian government is already making moves to place levy on all valuables kept in safety deposit boxes in banks within the country.

According to Reuters, Deputy Prime Minister Matteo Salvini was quoted in a report released by newspapers in the country.

The dallies reported that the Deputy Prime Minister, on Tuesday spoke during a late-night TV program on the extensive storage of assets in safety deposit boxes in banks.

Salvini said he had been told that there are assets worth hundreds of billions of euros held in the boxes. He believes such assets are substantially hidden and it is a way of evading taxes placed on income and assets.

Salvini, who is also a standing senator in the Italian parliamentary system, advised citizens to voluntarily declare their deposit-box holdings to be liable to low rate tax of about 15 percent.

Italian Safety Deposit Box Proposed Tax, a Bullish News for Bitcoin

While the above represents a centralized system being controlled by government, cryptocurrency offers a decentralized service which is fortunately under no one’s sovereignty – exactly what majority desires.

Bitcoin, the leading cryptocurrency in the market has been live for over a decade, and it is gradually getting adoptions even though some are still standing aloof probably due to regulatory policies and the volatility of the digital asset.

As Bitcoin continues to get credence from a number of organizations across the globe, coupled with its rewarding growth in the recent market, people are already eyeing it a sine qua non in their daily live.

With the increasing rate of comparison between Bitcoin and Gold, as well as fiat cash, as a means of storing wealth, it is clear that the virtual currency is one of the best means of storing wealth. A number of observers/analysts have even rated the crypto asset above Gold.

Even though Bitcoin and its asset class are yet to be widely spread and acceptable across the globe, government activities like the latest safety deposit box tax proposed in Italy would undoubtedly force people to opt for Bitcoin and other crypto assets as a means of storing wealth or performing transactions, since it is immutable and free from regulatory control.

Possible the Best Thing That Has Ever Happened To Bitcoin

A crypto trader, in response to the latest update from Italy said it could be the best thing that has ever happened to Bitcoin.

This is bullish for bitcoin 🚀 Italy could end up being the best thing to ever happen to bitcoin. H/t @Ray94609549 https://t.co/TmkS7FZICl — Alex Krüger (@krugermacro) June 12, 2019

Image Credit: Reuters