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A Boon for Bitcoin? Italian Government Proposes Tax on Savings in Held in Bank Safes


The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables held by citizens at banks. If actually imposed, the measure could drive people towards Bitcoin as a way to keep their savings safe from cash-strapped government ministers.
The proposal comes as rising geopolitical tensions are impacting other investment markets, making value held in cash and other valuables a more attractive option for many.
Would the Italian Government Coming After Private Savings be a Catalyst for Bitcoin Adoption?
According to a report published earlier today by Reuters , Italy’s government may consider taxing its citizens’ private savings held in safety deposit boxes at banks.
The report states that the nation’s Deputy Prime Minister, Matteo Salvini, made the proposal on a late night TV programme yesterday. It was picked up by the domestic press this morning.
Salvini reportedly stated that he had been informed that there were hundreds of billions of euros stored as cash and other assets in safety deposit boxes around the country.
He described the savings of his citizens as being “substantially hidden” money, implying that the government has some ordained right to know what the Italian people as individuals have managed to save.
He went on to state that citizens that were open about their holdings would be taxed at a lower rate than those who were less forthcoming with information about their savings.
If the Italian government do implement such a measure, its citizens may very well turn to other means of storing value to protect their savings. One Bitcoin proponent mused that such a policy could be favourable to the crypto asset via Twitter earlier today:

This is bullish for bitcoin

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