The Italian Parliament has announced it is currently hosting hearings to debate the impact of Bitcoin on the country’s economy. The hearings kicked off in Rome during last week, on June 11th, and include several testimonies from law makers, cryptocurrency experts, economists and even from members of the Italian authorities.
Although Italy is not the first country to hold this type of meeting – let us remind you that some American states such as New York have done it before -, the procedure is not seen as a normal part of the adoption process yet. However, more countries should host similar hearings in a near future.
The last time Italy mentioned Bitcoin was back in January, when the authorities started debating the presence of the world’s most famous cryptocurrency in the country.
For now, Italy’s official stance regarding Bitcoin is still quite generic. “The use of electronic currency is restricted to banks and electronic money institutions — that is, private legal entities duly authorized and registered by the Central Bank of Italy. Aside from these developments, Italy does not regulate Bitcoin use by private individuals, and currently the implementation of initiatives concerning the use of electronic currencies lies with the European Union”, it is possible to read on the website Bitlegal.io.
Several Italian businesses already accept Bitcoin (although not as much as in some nearby countries) and the European nation even has at least one special ATM that allows the users to buy Bitcoin. According to Coin Telegraph, the machine can be found in Udine, a region located in the country’s northeast. However, the owner of the ATM has already made clear that it is extremely difficult to obtain the necessary clearances that allow the machine to function within the law.
Still, the fact that the local parliament is hosting these hearings might suggest that some sort of Bitcoin regulation is under development. Hopefully, Italy will set the example and encourage other European countries to look at cryptocurrency as an option worth discussing.
The hearings are expected to go on for a few weeks before any decision is made, potentially leading to the increment of a dedicated legislation. With the European Union allowing each nation to regulate Bitcoin according to the local laws, news might arise in the near future.
In the meantime, in Scandinavia, the Swedish central bank just published a report about digital currencies. The document claims that Bitcoin, “like other innovations, is essentially positive, as it can contribute to meeting new payment needs and to making payments cheaper and more secure”.
“Virtual currencies may also be better suited for small payments, so-called micro payments, on some websites“, the report adds, showing that the Swedish central bank apparently does not intend to fight Bitcoin.
Images from Wikimedia
The BlueCoin Phenomenon
BlueCoin is very serious about their chosen theme. Taking cue from the cultural antics of the Dogecoin community, the founders of BlueCoin have been trying to give it something of a personality. They announced an official BlueCoin afterparty to ...read more
Ripple Labs CTO Designs Smart Contracts
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set ...read more
American court stops Mt. Gox from auctioning Bitcoin domain
A United States court issued a temporary order to forbid the sale of the domain Bitcoins.com, which is still owned by the CEO of the defunct cryptocurrency exchange Mt. Gox. Mark Karpeles announced the auctioning of the domain two weeks ago. The injuction ...read more
New York-based Coinsetter evolves to “full US Bitcoin exchange”
Following the recent presentation of the first BitLicense draft, the Bitcoin-related set of rules that will regulate the crypto-economy in New York, the local exchange Coinsetter announced its evolution from beta stage to “full US Bitcoin exchange”. “Today, we’re pleased ...read more
Building a Bitcoin Economy: How to Close the Loop
This guide is a continuation of a previous article at http://bitcoinmagazine.com/13104/building-bitcoin-economy-stimulate-adoption/ If you or someone in the area has been preaching crypto for a while, you probably have a few nearby businesses accepting Bitcoin by now. This is an important first ...read more
#OffTheCouch: Award-winning Film Could Bring Bitcoin to 1,000 High Schools
The Corporation Film’s Crypto Challenge from Hello Cool World on Vimeo. For its 10th year anniversary, “The Corporation” is raising money for a re-release shown to 1,000 schools across North America. Their original fiat campaign closed at $30,000, and they’re ...read more