How is Italy treating cryptocurrency?

How is Italy treating cryptocurrency?

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Italy has been going through an economic crisis for quite a while now. And as with other countries under pressure, cryptocurrency can be a way above the waves. Other countries in the EU have turned to cryptos as an alternative to the crisis, such as Greece. Citizens undergoing a crisis see themselves with their hands tied and cryptos give them pathways they wouldn’t have otherwise. And the citizens of Italy may end up discovering that as well.

But before we go any further let’s take a look at Italy´s culture as we always do around here?

Repubblica Italiana: Bel Paese (The Beautiful Country)

Photo by Tom Podmore on Unsplash– Venice, Italy 

Officially the Italian Republic consists of a peninsula delimited by the Alps and surrounded by numerous islands. It is located in the middle of the Mediterranean Sea.

Traversed along its length by the Apennines, sharing open borders with France, Austria, Switzerland, Slovenia and the enclaved microstates of Vatican City and San Marino.

1. Italy takes up the entire peninsula with 26,140,000 habitants

2. San Marino in central-eastern enclave of peninsula Italy with 31,887 habitants

3. Vatican City an enclave of Rome, Italy with 829

Photo by Giuseppe Mondì on Unsplash — San Quirico d’Orcia, Italy

With 60 million-plus inhabitants, it is the 4th most populous member state of the EU. And probably unnecessary to say, but its official language is Italian.

The capital is Rome, and 90% of its population is Roman Catholic.

The peninsula has essentially the Mediterranean climate with a much colder climate in the mountainous parts. Its natural vegetation includes macchia alongside the coasts and deciduous and mixed deciduous coniferous forest in the interior.

More culture

The Italian culture can be marvelously recognized in several fronts. The architecture, visual arts, literature, theater, cinema, music, sports, fashion, design, public festivals and holidays and last but surely not least in its gastronomy are only some of the things.

We would never be able to run through all the richness this country offers. As the oldest recorded histories on the earth, the culture has much to reveal. So although I may not be able to show all, I truly enjoy giving the readers something to envision.

The nation is full of iconic symbols such as the Colosseum — the most iconic symbol of Imperial Rome. It is listed in the New7Wonders of the World. One of Rome´s most popular attractions. 

Italy has lots of volcanic activities. And also the most elegant cities in the world such as Venice, Florence, Milan, Naples, Bologna, Siena, Pisa, and others.

Did you know Ice-cream is an Italian invention? Italians are the proud creators of the famous gelato! Yeah, if you weren’t convinced Italy is amazing you are now, huh?

There is so much to say about Italy I am not making it justice! However, I hope the images on the post helps a little ?❤

Photo by Liubov Ilchuk on Unsplash

Italy and Cryptocurrency

No regulations are preventing Italians from owning, using, buying or selling cryptocurrencies as means of payment. Although the nation does not have clear legislation and fiscal practice about such.

According to Cointelegraph, at the beginning of 2015, Banca d’Italia published a notice about digital currencies. It stated that they (digital currencies) lack information, regulations, surveillance, and guarantees. The bank also mentions the high volatility, the possibilities of illicit activities, and the lack of recognition from tax authorities.

In September 2018, Agenzia delle Entrate, the Italian agency in charge of tax regulations, presented their viewpoint about the fiscal nature of utility tokens issued in an ICO. They compared them to a purchased voucher as an anticipation of a transaction that involves actual goods and services or to a payment.

On September 27th, 2018 Italy joined the European Blockchain Partnership. This is a vehicle to generate better cooperation among member states to exchange experiences and expertise. It embraces technical and regulatory fields to prepare for the launch of the EU-wide blockchain application across the digital single market. And all of it is for the benefit of the public and private sectors.

Months later, Italy was one of the seven southern EU member states that supported a Malta-declaration to help in the promotion of DLT (distributed ledger technology) use in the region.

Photo by Jack Ward on Unsplash — The Cliffs of Cinque Terre

As of February 2019, an amendment that aims to simplify a delegated decree-law (no 989) was officially introduced. It focuses on incentivizing legal force to blockchain recorded documents or smart contracts.

Although the nation has taken some actions, it has not made any significant moves. Nor are the people showing that much excitement, however, it is taking baby steps instead of being stagnated.

Last Thought

I will leave you with some statements made by Vincenzo Di Nicola. He is one of the ministry´s advisors and co-founder of the Conio on-chain Wallet: 

“I’m glad that Italy is waking up and that the country is giving attention to new technologies which could have a deep impact on its economy. In the past, unfortunately, we didn’t notice waves such as e-commerce or sharing economy. The result? They crushed us, and foreign companies seized the new markets. My personal hope is that, at last, this group would set the first step to sustain the creation of Italian businesses, which could then become leaders in the blockchain industry.”

“The biggest problem I see is that Italy lacks dramatically of ‘doers’, such as experienced software architects and developers. It hurts to say, but all our best minds in IT went abroad, and presently Italy doesn’t possess the critical mass of people needed for frontline projects. We have a desperate need for reshoring who knows how to build: The Government could inject endless ‘gasoline’ in the blockchain sector, however, if nobody knows how to build a ‘Ferrari’s engine’, it is difficult to take part in the race.”

Photo by Keith Zhu on Unsplash — Florence, Italy 

If you have any Italian friends share this blog with them, and incentivize them to learn more about cryptos. Our blog is full of posts for new members of the crypto community to help pave smooth beginnings.

Hope you like this as much as I did. Please continue researching about Italy on your own, there is so much to learn and see. 

The Winco Team


Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.


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