Spain Joins World War On Cash, Bitcoin Emerges As Viable Alternative
Spain has entered the war on cash. According to El Mundo, the government plans to enforce a cash limit of 1,000 euros. The Spanish government says the ban comes amid a push to combat tax fraud and lower its deficit as per a directive put forth by the EU. The directive also outlines an immediate registration of tax information for about 80 percent of the population and a tightening of controls on deferred payments. The government claims this will limit the need to raise taxes. Other EU countries already have similar cash limits in effect. Notably low countries being Portugal with a maximum....
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Our society is evolving into a cashless economic infrastructure. Several European countries are trying to discourage people from using cash in order to pay for goods and services. That seems only normal, as cash transactions are a hassle when dealing with change amounts. The list of downsides when dealing with cash transactions is rather lengthy, and if Danish government has any say in the matter, Denmark will become completely cash-free in the near future. Cash Offers More Disadvantages Compared to any Other Payment Option. It is hard to imagine that cash will no longer be a part of daily....
Last week, Coinay announced that Spanish Bitcoin enthusiasts can use its vouchers to buy Bitcoin in their neighborhoods. Bitcoinist, followed the story further and interviewed Dolf Diederichsen, CEO & co-founder of Coinay, to learn about this Bitcoin voucher solution. Tell us more about “Buy Bitcoin in neighborhood”? Dolf Diederichsen: Coinay enables consumers in Spain to walk into a nearby shop (for example, a computer store) and purchase a Coinay Bitcoin voucher with cash. They can then go online to coinay.com and redeem the voucher, and get Bitcoins to their wallet. As we have partnered....
On January 1, 2017, a newly proposed regulation to limit the circulation of cash will be activated in Spain. The proposal will effectively limit all cash payments to 1,000 euros, in a nationwide attempt to fight against money laundering and fraud. By nature, cash is anonymous. Such characteristic of cash has allowed it to develop into the preferred store of value for criminals and illicit traders. Thus, governments like the Spanish authorities are hoping to put an end to cash and attempt to replace current monetary systems with a digital network that is easier to manipulate. Currently,....
The first Bitcoin ATM has been installed on February 22th in Barcelona. Image Source. Bbank is the company that distributes the Bitcoin ATMs, and PayMaQ the company that manufactures them in Spain. In Spain, there are not special laws for Bitcoin, so Bitcoin ATMs are regulated by the same laws as vending machines and you do not need a special permission to install them. The company has two different versions. With the first version, users can only buy Bitcoin with cash in euros using bill from 20 to 500€. The second version is still under development, and it will be ready in the next....
Amidst the rising problems with their native fiat currencies, whether hyperinflation or excessive volatility, many populations throughout third-world nations are opting for cryptocurrencies as a viable alternative. The warp-speed growth of Bitcoin, Bitcoin Cash, and other cryptocurrencies across regions lagging economically, primarily stems from innovative initiatives undertaken by several crypto brands to boost and promote […]