The New Italian PM Dismisses Electronic Money

Giorgia Meloni tells shoppers that cash must be king.
The first budget for Meloni is being finalized.
The new Italian government intends to tax capital gains from cryptocurrency trading.

Italy will defy the worldwide trend toward electronic money by using more cash and fewer credit cards. This follows prime minister Giorgia Meloni’s dismissal of card payments as “private money.”

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The first budget for Meloni, who was elected in September, is being finalized. A regulation permitting store owners and other company owners to reject cards and demand cash for purchases up to €60 will be included in this. The regulation would increase the present cap of €30 and let the sale and purchase of products up to €5,000 in cash instead of €1,000.

Amid this, people have gone out to comment on this development. Some say that small companies have basically never paid a single lira in taxes. The people owning those shops are a core block behind the Italian right.

“Shopkeepers in Italy are accustomed to dodging a certain percentage of VAT, and it all depends on people having cash at hand. When a society goes cashless, it’s often a snowballing process, where people use cards more, and then withdraw less, so they have less cash at hand, and so on.” – Qalmakka, a commenter said.

Another commenter said that if people stop carrying cash with them, it will become impossible for them to refuse card payments. Thus, dodging VAT would become impossible.

In other reports, according to a draft of the upcoming year’s budget, the new Italian government intends to tax capital gains from cryptocurrency trading at a rate of 26%. Italians will soon be required to register their digital assets and pay a 14% tax on their holdings, according to the center-right coalition in power.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.