Italy, like much of Europe, has developed into a most welcoming place for cryptocurrency and digital assets. More and more EU countries have been adopting legislation protecting cryptocurrency usage and monitoring it for efficacy. Italy’s neighbour Greece has also recently seen a surge in interest in cryptocurrency. Where is Italy’s place in the blockchain revolution?
Italy’s digital asset market
Italy has been a weak point economically for the EU, much like Ireland, Greece, and Portugal. But all three of those countries have since become leaders in blockchain innovation and pioneers in cryptocurrency usage. Portugal especially has adopted favourable tax options for cryptocurrency in the country.
Bitcoin.com reported in 2019 that increasingly stores and companies are accepting Bitcoin as a mode of payment. Northern Italy is reportedly one of the biggest hubs of cryptocurrency in the country. Chainblock, Italy’s first Bitcoin ATM operator, has been expanding as Italian interest in cryptocurrency grows. They have been introducing favourable benefits to those who make use of their services, thereby encouraging crypto usage.
Chainblock CEO Federico Pecoraro advised the Banca d’Italia to convert a portion of its gold reserves into Bitcoin, as digital currencies are increasingly regarded as one of the safest modes of investment.
Cointelegraph reported in March 2020 that growing interest in cryptocurrency, and the global pandemic, has encouraged Italy’s Banco Sello to start a Bitcoin trading service. The bank’s service, called Hype, will be adapted to allow for Bitcoin trading and usage.
Furthermore, Italy recently used blockchain technology in their voting processes in Naples.
Previously one of the most corrupt and economically challenged countries in Europe, Italy is quickly restoring itself as a major player for investments in blockchain innovation. As one of the countries most hard hit by the Covid-19 pandemic, it has since been seeing a revival in its economy. Exciting innovations lay in store for this historic Mediterranean country.