RE: Another Crackdown on Crypto Privacy

Someone told me yesterday that in a different country (I won't say which, although it's a big one in Europe), they tax 60% of any cash you have at the bank at the end of every year, with the reasoning that if you have cash, you should invest it and not keep it as cash. That sounds ok at first hand to force investments which in turn produce more value in the economy, but why force such a tight deadline? What if the best investment on the short-to-medium term (in the fiat world) is cash on hand and you force me to invest at the worse possible moment? Plus, some cash holders are risk averse and are holding cash or similar products because they don't want to take risks in other types of investments. They lose on inflation, but they wouldn't get slashed 60%+inflation every year, as it is the case there.