{"id":243896,"date":"2019-12-10T18:17:30","date_gmt":"2019-12-10T23:17:30","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=243896"},"modified":"2019-12-10T18:17:30","modified_gmt":"2019-12-10T23:17:30","slug":"new-e-transfer-law-in-greece-favors-bitcoin","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/new-e-transfer-law-in-greece-favors-bitcoin","title":{"rendered":"New e-Transfer Law in Greece Favors Bitcoin"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The Greek government is introducing new FinTech policies, which will help it to fight tax evasion and improve its citizens\u2019 adoption of electronic payments. This, however, could work out for the good of Bitcoin.\u00a0<\/span><span data-preserver-spaces=\"true\">According to a December 9\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.smh.com.au\/business\/markets\/greeks-set-to-face-heavy-fines-if-they-don-t-spend-30-per-cent-of-their-income-electronically-20191209-p53i14.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from the Sydney Morning Herald, the government of the European country is on the verge of implementing a new economic policy that will see its citizens spend up to 30 percent of their monthly income via electronic means, or risk paying 22 percent on the difference as a fine. The move is set to help the government save up to $800 million, while also helping the country to bolster its standing in e-payments across the Eurozone.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bolstering e-Payment Adoption<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Citing data from the European Central Bank (ECB) for 2019, news medium Ekathimerini\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.ekathimerini.com\/243721\/article\/ekathimerini\/business\/greece-lags-behind-in-e-payments\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in August 2019 that Greece remains close to the bottom of the barrel when it comes to European countries and their adoption of electronic money transfer methods, as it could only rank above one Eurozone country (Italy) and four members of the entire European Union when it comes to electronic payments per inhabitant.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The vast majority of Greek residents conduct their transactions by hand, whether it is to make payments for goods and services, send cash, or even pay wages. With the new rule in effect, this trend will significantly change, as more of them will now need to adopt online payments mandatorily.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, there is a considerable lack of freedom to this. Currently, the valid means of electronic transfers are credit cards, debit cards, and online bank transactions. This essentially presents two problems; reduced transaction speed, and possible cost increases.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to an\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/nbg.gr\/english\/pricing-of-products-and-services\/Documents\/Charges%20for%20Other%20Banking%20Transactions%5B2%5D\/Other%20Banking%20Transactions%5B1%5D\/web_portal_english_timologio_loipwn_ergasiwn.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">official document<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from the Bank of Greece, transfers can be exorbitant indeed. Bank transfers could take as high as \u20ac300 (about $330), and online transactions could even be worse. Apart from the commission that these credit card companies will take, there are card maintenance fees and other hidden charges, of which the Greeks will now be forced to bear, thanks to the government\u2019s campaign to \u201creduce tax evasion.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Then, there is the possibility of enduring low transaction speeds. Increased transactions on online payment portals will increase network latency, and customers could now have to wait hours (or perhaps even days, depending on the location) for their transfers to go through.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin as a Solution\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin can help solve all of this. The asset can help support significant transaction volumes, and with the level of security and relative affordability that it brings, citizens can comply with this new directive without having to endure any of the inconvenience that traditional online payment portals bring. Bitcoin&#8217;s Lightning Payment is the perfect solution for instant payments at next to zero costs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addition to that, Bitcoin could help provide a great safe haven for Greeks. The country has yet to recover from the economic meltdown that engulfed the world a decade ago, and while its economy has started to recover, fragilities still exist. Bitcoin has shown the potential of helping countries in these situations, helping to shield them from economic uncertainty and possible market manipulations.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Greek government is introducing new FinTech policies, which will help it to fight tax evasion and improve its citizens\u2019 adoption of electronic payments. This, <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/new-e-transfer-law-in-greece-favors-bitcoin\" title=\"New e-Transfer Law in Greece Favors Bitcoin\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":243897,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[10009,734,10008],"class_list":["post-243896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bank-of-greece","tag-bitcoin","tag-greece"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New e-Transfer Law in Greece Favors Bitcoin - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The Greek government is introducing new FinTech policies, which will help it to fight tax evasion and improve its citizens\u2019 adoption of electronic payments\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New e-Transfer Law in Greece Favors Bitcoin\" \/>\n<meta property=\"og:description\" content=\"The Greek government is introducing new FinTech policies, which will help it to fight tax evasion and improve its citizens\u2019 adoption of electronic payments\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-10T23:17:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-32.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"701\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"New e-Transfer Law in Greece Favors Bitcoin\",\"datePublished\":\"2019-12-10T23:17:30+00:00\",\"dateModified\":\"2019-12-10T23:17:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896\"},\"wordCount\":519,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-32.jpg\",\"keywords\":[\"Bank of Greece\",\"Bitcoin\",\"Greece\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243896\",\"name\":\"New e-Transfer Law in Greece Favors Bitcoin - 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