As a famous singer stated in 80’s, “Italians do it better”. We are worldwide known as the country of many things. Our politician, instead, are known for their lack of “Crypto Awareness”.
Just take a look worldwide. Central African Republic and El Salvador chose BTC as Legal Tender. Bukele has a vulcano powered mining factory too. It still sounds incredible to me. Singapore, Belarus, Malaysia, Cayman Islands, Georgia has no Capital Gain Taxes. In Portugal and Malta long-term gains from selling crypto are tax free.
In Italy, the current government has begun the path to destruction The weapon of mass destruction is a new law with a 28% Capital Gain Tax for investments over 2.000€. Great work! Just another step in the wrong direction.
I do know crypto are frightening Central Banks, but they can’t stop blockchains, you have to take them in account. Fiat standard is just like a Financial Prison for a Country’s economy. It closes your horizons but at the same time feeds you. Monetary Policy does not depend on a country’s individual position but on the balance between nations that own its debt.
Bitcoin will probably be the future but Italian politicians are looking elsewhere. When they’ll understand that nobody will feed them no more il will be too late. Smart countries, otherwise, are attracting new growing crypto markets. Capitals and activities are moving to their welcoming lands. When these markets will be mature It will be hard to fill the GAP
Yesterday was the right day to build an inclusive legislative infrastructure. How could we ever reverse the given directions? In this new scenario Italy will be depicted just in history books and we will never be a first player in this new game.
One more thing.
A new regulatory has born. Each transaction have to be recorded. They have done it and reported that in Italy in the first year’s quarter 895.291 users own 1.233.178.693 € in cryptos. They know there was been 1.163.853 exchange from Crypto to Fiat and 1.312.591 in the opposite direction. They know who you are and what you’re doing with your crypto too, in detail.
I think exchanges are walking dead. In a few years, they will be used only by central governments.
We have to change our prospective. Self custody is the seed but we need a new way to use our crypto. Something will have to happen.
In the end…”Italians do it better”, maybe next time...
