"Sardex, an Italian fintech, created a mutual credit system where businesses exchange goods and services without cash.
This trust-based network has strengthened the local economy and inspired similar models across Italy."
📰 https://positivenewsfoundation.org/video/italys-fintech-innovation-transforming-business-with-sardex/ 📺 https://youtu.be/eeB2tsS6xpM
Who in this financial setup is legally required and accountable for making sure they are paying taxes? Are they checking for sanctions? What are the consequences of not being compliant? Has anyone ever been found to be not compliant?
It is very stupid to use a centralized digital coin to avoid taxes while you can just avoid declaring what you earned when you get cash instead of digital payments
I’m not sure what this means
In your country companies are legally required and accountable for making sure their user are paying taxes? Here they are required traceability and stuff but it’s not their job to do the guardia di finanza job.
Btw if you’d actually read the article there is a part that talks how they make everything traceable and that they also talked with the ‘‘agenzia delle entrate’’ that is the italian tax agency themselves.
Honestly i think you are just trying to confirm your biases about italy lol; this stuff has been already regulamentated for years (circuito di credito commerciale) and the only difference that sardex has with other commercial circuits is the fact that they are a fintech and it’s actually expanding thanks to the digital capabilities
If you wanna avoid taxes it is much easier to just rely on cash.
Does your revenue service have a way of monitoring this or would they have to verify each case manually? This is an obfuscation mechanism.
Are they checking if their business partners are on sanctions lists, as required by law? How many people at Sardex are hired and accountable for compliance with anti-money laundering and counter-terrorism financing regulations?
I’m not asking who’s collecting taxes but who’s making sure they’re paying taxes. In EU and most of the civilised world banks would be liable if they were aware or didn’t do enough due diligence to spot that.
This is not a bias against Italy, it’s a bias against businessmen. This happening in Sicily just makes for a funnier context.
Alright, you keep not reading the article (it clearly says that every transaction has to emit both a fattura and a scontrino). And it’s not “my”(nor “ours”, i’m not involved) service.
The fact that you confuse Sardegna with Sicilia shows even more that you think you know more than you actually do.
To be clear, I don’t think that’s it’s safe from every abuse but as i said for the businesses here it’s much easier to just use cash rather than trying to use digital money.
Sorry but really you are making this conversation less a conversation and more a ‘‘i am right and you have to show me i’m wrong’’; hence i’ll stop answering.
The article is very light on real details despite what you claim. I work in AML adjacent field and I can’t help but see that we would politely decline to do business with company that transacts this way.