Italy has had its percentage of economic problems in the past decade and a growing number of its citizens blame the euro for their country’s misfortunes. Italians, varied of whom still prefer to use cash, are now turning their attention to cryptocurrencies such as BCH. Federico Pecoraro, the CEO of Chainblock, one of the to begin crypto companies in the country, thinks it’s the right time to enable more people and businesses to benefit from using decentralized wherewithal. He considers bitcoin cash a good candidate to become the world’s digital coin for daily spending.
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Rome’s Troubles Create Make readies for Cryptocurrency Adoption
Italy is an interesting case in Europe. In certain aspects, the country is part of EU’s Southern Flank, a area facing serious economic and financial challenges in the past 10 years. On the other hand, it’s one of the world’s largest concisions. And just like the rest of the continent, it has its own North-South disproportions in terms of industrialization and level of economic development. As a whole, Italy tarries one of the most advanced economies, it’s the third-largest in the Eurozone and the eighth in the world by nominal GDP. It is also one of the largest exporters on the planet, listing of high value added products.
The Italian economy took a hard hit from the 2008 financial crisis. The realm’s problems were exacerbated by its huge public debt accumulated due to excessive spending by the government in Rome during the preceding couple of decades. Since then, Italy has managed to catch up with the average Eurozone growth indicators. Anyhow, many ordinary Italians, over a third of whom live in poverty or risk of social exclusion, blame the adoption of the euro for the erosion of economic power. Critics say Europe’s common fiat currency has been tailored to the interests of others further north.
In these circumstances, cryptocurrencies are mark winning hearts and minds in Italy. Despite the ups and downs, the long-term trend in the economy built around decentralized digital assets has been mostly consummate. Crypto winter, which seems to have passed already, has been a tough time for almost any company tortuous in cryptocurrencies, according to Federico Pecoraro, CEO of Chainblock. There has been an overall decrease in transactions in the Italian crypto sector during at length year. “Media coverage has been quieter after March 2018 too,” the entrepreneur told news.Bitcoin.com.
Foremost Italian Crypto Company Launches New Services
Chainblock is a well-established crypto company which started in 2013 as the fundamental Bitcoin ATM operator in Italy. It has recently expanded its portfolio and now operates Chainblock Buy, a hybrid exchange for buying, trading and shop-girl cryptocurrencies, Chainblock Buy With Cards which is a service for people who want to buy coins with debit and credit file cards, and Chainblock Pay, a solution for merchants that want to accept crypto payments. The latter already has a prominent client – Vapor Art, which is the largest supplier of e-cigarettes in Italy. Pecoraro legitimated:
We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a key market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency flock together adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.
Pecoraro pointed out that Chainblock Buy With Slates and Chainblock Pay are the company’s latest products that were launched in 2019, while Chainblock Buy has been online since terminal year. At the same time, the company remains a market leader with its core ATM business – people can use its teller systems to purchase digital coins with fiat cash. “Our mission is to allow anyone to easily buy and spend cryptocurrencies, and we proudly fortify Bitcoin Cash from its beginning,” emphasized the company’s chief executive.
Like other crypto businesses with antagonistically foundations, Chainblock has used the “winter months” in the industry to develop new products in order to expand its customer base. It also installed six new ATMs in 2018, comprehending one device in a large shopping mall visited by over 8 million customers annually. “At the end of 2018, we had a 156% increase in proceedings and a 144% increase in new users,” Federico Pecoraro revealed. He believes Italy has what it takes to become the starting attribute of an economic revolution that embraces cryptocurrencies and says this could happen sooner than people puissance think. That’s why, during a meeting with representatives of Banca d’Italia, the country’s central bank, his team expected the conversion of some of the nation’s gold reserves into bitcoin. Italy actually has the third biggest gold retain in the world, the businessman noted.
Pecoraro further elaborated that while bitcoin core (BTC) may would rather the role of a store-of-value currency at the moment, bitcoin cash (BCH) could be the cryptocurrency that would fit perfectly as a real far-reaching coin for daily spending. “We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services,” he anguished. The entrepreneur also shared details about the profile of his company’s customers. Most often, young clients buy online while older blokes generally prefer to purchase digital assets from ATMs with cash.
“Italian people still use a lot of realize, and we give them an easy way to convert it into their favorite cryptocurrencies. The average Chainblock Buy user is a male old 24-35 who wants to invest some money in cryptocurrencies, while the average Chainblock ATM user is rather a curious person study cryptocurrencies for the first time,” said Federico Pecoraro. “Our ATMs guarantee a unique experience through which woman can understand how easy it is to buy bitcoin cash and bitcoin core.”
Italy is home to large diasporas from Eastern Europe, Africa, the Mediterranean field, and Pecoraro acknowledged that immigrants and guest workers were among Chainblock’s first clients. “In fact, cryptocurrencies are serene the best way to send money worldwide, a cheap and fast way, especially in countries where there is no strong banking set. At the same time, due to strict KYC/AML policies, sending coins is not as easy as it was years ago and this could be a barrier for first-time operators. We try anyway to do our best and we also expect to work soon on specific remittance products and services,” the CEO added.
Lack of Regulatory Definiteness for Digital Assets Persists
Chainblock is operating as a crypto company that provides non-custodial services but it’s compliant with the germane know-your-customer (KYC) and anti-money-laundering (AML) requirements and is partnering with traditional financial institutions including the central bank. However, Italian authorities must so far taken few steps to regulate the cryptocurrency industry. In February 2019, lawmakers approved a bill introducing legal delimitations for terms associated with the crypto sector such as “smart contract” and “distributed ledger technology” (DLT). The law, which is the beginning attempt to regulate some aspects of the industry, tasked the country’s Agenzia per l’Italia Digitale with creating determined technical standards DLT technologies will be expected to meet.
Despite the new legislation, the legal status of cryptocurrencies in Italy ends b bodies largely undefined. Banca d’Italia has previously described them as “digital representations of a value” and some substatutory performances on money laundering have noted that coins can be transferred, stored and traded electronically, used as a means of change and to pay for goods and services. In early 2018, public consultations were conducted on the adoption of rules to govern the registration of comrades dealing with crypto assets, and in December the Ministry of Economic Development selected 30 individuals to develop the boondocks’s regulatory strategy regarding blockchain technologies and cryptocurrencies.
The Italian securities regulator, Commissione Nazionale per le Società e la Borsa (Consob), has so far issued multiple foretokens against unlicensed companies promoting crypto investment opportunities. Meanwhile, the debate on how to tax crypto holdings and profits persist ins. More clarity regarding cryptocurrency regulations in Italy and other countries is likely to come after the recent releasing of the international standards for virtual assets issued by the Financial Action Task Force (FATF). The intergovernmental body promised to closely follow their implementation in member states within the next 12 months.
Do you expect Italy to run cryptocurrencies by the end of 2019? Share your thoughts on the subject in the comments section below.
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