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Germany

Money And Faith, A Match Made In Heaven?

A German exodus from the church may be chalked up to a small bookkeeping change to federal tax rules. It begs some big questions.

Money And Faith, A Match Made In Heaven?
Matthias Kamann

BERLIN — Money and faith are two sides of the same coin. If you don't believe it, have a look at the newest figures of people leaving the Catholic Church. The real reason as to why 218,000 German Catholics left the Church in 2014, and probably nearly as many Protestants, can only be explained by the changed direct debiting of church tax, as part of the capital gains taxing procedure. Quickly after having been informed by their bank of this new process, people realized that they would have to hand over part of their profits from their financial investments.

Although this is not a new policy per se, and the amounts due are relatively low, the automatic changes in reporting seem to have prompted many to leave the Church — their religiosity being apparently decided by their bank statement. It isn't much different than 2013, when the spending sprees of Catholic Bishop Franz-Peter Tebartz-van Elst came to light, and a wave of faithful left the Church.

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Economy

Crypto And Cannabis, Best Buds At Last

As cannabis is legalized in more places, investors are taking note. One Luxembourg-based, Uruguayan-led fund has found an innovative way to bypass banking obstacles and raise capital.

Marijuana is the most commonly used addictive drug after tobacco and alcohol, according to the U.S. National Institute on Drug Abuse.

Natalia Vera Ramírez

Soon it will be possible to buy shares in a fund that invests in the nascent cannabis industry, on Ethereum, a blockchain portal. The fund is Global Cannabis Capital (GCC), formed in Luxembourg and soon to offer shares as tokens (digital value units representing the value of a stock), instead of the traditional initial public offering (IPO).

GCC's founder is the Uruguayan Andrés Israel, also CEO and founder of Cannabis Company Builder (CCB), an incubator that helps Latin American startups devise a business strategy for the cannabis sector. He said tokens were "a much more efficient channel for attracting capital" than share issues, and legal frameworks already exist covering their use. The legalities, he said, were "one of our major challenges. We chose Luxembourg as we found legality both in the blockchain sphere and the cannabis industry. It was a double challenge for us."

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