Greek Asset Declaration Another Battle in War on Cash: Will Bitcoin be the New Weapon of Choice?
The Greek government made a stunning move on December 1st, declaring that selected Greek taxpayers were mandated to declare on their tax forms assets such as cash “under the mattress,” jewelry, and precious metals like gold and silver. Currently the law only applies to certain taxpayers (lawmakers, journalists, public servants, etc.), and includes a....
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Jane Croft, writing in today's Financial Times points out warnings from lawyers, that Bitcoin is fast becoming the weapon of choice for hiding assets in a divorce battle. Because of Bitcoin's relative anonymity many husbands are choosing to use it as a medium of investment and thereby avoiding a full disclosure of assets. Within the UK, divorce settlements are seen as particularly generous to wives; courts have taken the view that homemakers contributions are equal to those of the breadwinner, therefore, a fifty: fifty split of assets is generally the norm. There is also the problem that....
Presently in a National Park, Mount Olympus, was at one time home to some of the most powerful Greek gods. According to ancient Greek legend, the mountain Olympus was built after the younger gods defeated the titans in the battle for control of the world. The peaked mountain, according to experts, was created to hide […]
Greek finance minister Yanis Varoufakis has hit back at criticism resulting from his appraisal of Bitcoin in a blog post last month, calling Bitcoin “too deflationary to work” while continuing to support its underlying technology. He writes: BTM developer Robocoin has unveiled its hotly rumored new direction in the form of a software development kit (SDK), which will allow any ATM to function as a Bitcoin ATM (BTM). CTO John Russell added: “[A]lmost paradoxically, the technology of Bitcoin, if suitably adapted, can be employed profitably in the Eurozone as a weapon against deflation.” The....
Bitcoin has enjoyed a pivotal moment, thanks to the ongoing Greek debt crisis, which resulted in capital controls and an influx of funds towards the cryptocurrency. Indeed bitcoin prices have eventually landed back above the $300 mark, following a long period of consolidation around $220 earlier in the year. The prospect of shifting back to a potentially worthless drachma has led several Greeks to move their money to bitcoin, as some websites have offered bitcoin loans and investments while others offered to purchase Greek products using the cryptocurrency. This could allow Greek citizens....
Earlier this week, Greece became the first developed nation ever to default on the International Monetary Fund (IMF). Negotiations with the European Union (EU) and the IMF are stalling, and Greek voters on Sunday rejected new bailout terms. On Monday, Greece closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks. Banks and ATMs are still working on a very limited basis, which makes things difficult for families and pensioners. For businesses and entrepreneurs who depend on cross-border sales and imported goods or services, the....