What If Finland Were To Pay Out A Basic Income in Bitcoin?

Giving every citizen of a certain country a guaranteed minimum income seems like a dream come true. However, in order to achieve such a feat of strength, proper guidelines will have to be drafted and the economy needs to be relatively stable. Finland seems to have all of their ducks in a row, as the idea of giving every citizen 800 EUR per month is starting to take shape.

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Finland Considers An Additional Tax-free Income Per MonthTheMerkle_Basic Income Finland

It is important to note this new tax-free income would replace any and all additional benefits programs running in Finland. However, there is a major interesting twist to this proposal, as the sum of 800 euro would be paid to all adults, regardless of whether they have any other income. This means that even employed people will receive the bonus every month, with no questions asked.

This decision comes at a time during which unemployment numbers in Finland are through the roof. However, by creating this new basic income in a tax-free fashion, more people should be stimulated to go back to work, as they will continue to receive the additional money. Plus, surviving on 800 EUR per month in Finland is next to impossible.

The current state of unemployment benefits in Finland is so strange that unemployed people would earn less money by working a temporary job. Even though that situation is not just present in Finland, it is a worrying trend that needs to be rectified sooner or later. Introducing a tax-free basic income for every adult seems to be the right way forward.

Unemployment numbers are currently qt 10% of Finland’s total population, and especially younger workers are hit hard in the job sector. According to statistics provided by Telegraph UK, 22.7% of the younger generation is sitting at home unemployed, which is absolutely unacceptable.

However, introducing a tax-free basic income can not happen if the country’s population does not agree. this is where things get really interesting, as 6 in 10 fins seem to be in favor of this idea. As you would come to expect, there are always people who think this incentive undermines the whole concept of finding a job altogether.

Then again, it wouldn’t be the first time such a project turns out to be a major success. However, there is never a perfect solution that will be able to achieve all of the predetermined goals. In addition, this project would cost the country 46.7 billion EUR on a yearly basis, which would a somewhat competitive number compared to how much unemployment benefits are costing right now.

Paying Out a Basic Income in BitcoinTheMerkle_Basic Income Bitcoin

Things would get really interesting if any country in the world decided to pay out a basic income in Bitcoin. Whether or not that country will be Finland, remains to be seen, although the chances are fairly slim. However, it would create an interesting scenario, as Bitcoin doesn’t have a fixed value, and it would be more of an investment for the country in question.

Bitcoin offers accountability like no other currency in the world today, and it can prove to be a valuable ally when it comes to using basic incomes in any country. Additionally,, the Bitcoin model could be adopted in any country, as the digital currency is universal and not restricted by banks or country borders.

Source: Telegraph UK

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One Response

  1. Neal Palmquist December 6, 2015

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