Crypto’s Position in the Italian Economy: Will It Only Grow and What Would Regulation Do?
Crypto is continuing to grow in the Italian economy. Click here to find out how and what regulation might mean for crypto’s future.
Despite the ambush of crypto’s development through orchestrated, negative press, cryptocurrency’s position in the European economy, specifically within Italy, is starting to look largely positive. The popularity of cryptocurrency investment in Europe is on the rise because it has been at the forefront of blockchain tech development. Italian companies and designers have also been leading the charge of the recent NFT surge, proving their interest in utilising the technology and pioneering it to grow Italian brands and boost their outreach into the new digital landscape.
Having said that, the rise of cryptocurrency has not exactly been plain sailing. The blockchain is, after all, a decentralised system which is outside of regulation and therefore impenetrable to middlemen or governing bodies. The Italian companies and exchange commission (CONSOB) have been particularly vocal about the dangers that it can bring to investors.
Their statements have detailed the lack of security and the possibility of money laundering, which can put investors’ assets at risk. According to them, this would be avoidable if the blockchain was a regulated, centralised system which remained under government supervision. So what exactly is crypto’s position in the Italian economy, and what would regulation do to its future?
Cryptocurrency Is Welcomed In Italy Despite CONSOB Reservations
Despite the fact they do not have regulations, several cryptocurrencies are currently operating within Italy. Italy has home-based exchanges, but it also has around 2% of Italy’s population investing in coins internationally recognised exchanges. Coffee houses, restaurants and jewellery stores have even begun to accept Bitcoin as tender for their goods and services.
In this way, cryptocurrency is growing positively within the Italian economy, showing that CONSOB’s reservations are insufficient to ward off investors. This is not surprising due to the beneficial nature of crypto as a concept. While CONSOB sites money laundering and hacking as major disadvantages, cryptocurrencies are a perfectly secure method to make transactions. It is exceedingly difficult for anyone to tamper with the system with no centralised control. Because it is not connected to any specific country or place, worldwide payments come without restrictions and without fees.
Of course, it is understandable for any governing body to want to retain tradition and favour regulated and controllable banking systems. But the truth is, with Italy using the euro as a fiat currency, the financial situation right now is not perfect. With inflation, the population's income can fall in its value, while cryptocurrency would not be susceptible to these issues.
Italy Is Also Taking Advantage Of NFTs
Not only is the decentralised nature of crypto a positive thing for investors, but Italian organisations and brands which help to maintain the economy are also benefiting from the cryptocurrency movement. An NFT (non-fungible-token) is a relatively new concept in the crypto market. They take the form of digital art pieces or videos which have the value decided by those who want to purchase before being sold on the blockchain.
Last year, the Italian luxury fashion house Dolce & Gabbana managed to sell an NFT for just over $5.7 million. The sports club AS Roma also took advantage, signing a $42 million partnership agreement with an NFT company. This is an example of how crypto can positively influence the Italian economy, even without regulation.
How Regulation Would Affect Crypto’s Growth In Italy
Having said this, the question of regulation might not be a question of it, but a question of when. Despite CONSOB’s calls for more control over crypto’s growth in Italy, the question of regulation in the future might not be a bad thing. Crypto regulation could be the next important step for the digital economy which crypto is looking to build. With a regulatory regime being utilised, an air of legitimacy that has been missing could be integrated into crypto’s reputation, making it hit the mainstream.
While cryptocurrency is becoming more and more popular worldwide, some are hesitant to invest due to the dark, unknowable corners caused by the lack of regulation. Hesitance from the traditional authorities, specifically authorities like CONSOB, is a crucial reason why potential investors have so far chosen not to partake. With the price of the most popular cryptocurrencies such as Bitcoin and Ethereum being highly volatile anyway, the added trepidation from governing bodies is enough to give would-be investors cause to wait it out and see where it goes.
Of course, the concept of regulation has mixed reactions from those in the crypto community, with some arguing that it has the potential to suppress growth and innovation. While they might not necessarily be wrong, regulation can offer cryptocurrency a more widespan acceptance and a way to entirely counteract scams, money laundering, and cyberattacks. If done right, it can also lead banks and large companies to become open to the possibility of incorporating crypto and decentralised systems into their own organisations. If this was to happen, then it would be sure to boost other crypto assets such as altcoins, stablecoins and NFTs.
What Crypto’s Future In Italy Looks Like
Whether we like it or not, the world is heading towards a digital future which is impossible to ignore. With crypto’s ability to provide secure, efficient ways to make transactions, it will likely grow into an entity used by everyone in all walks of life.
It is clear, also, that Italy can accept and utilise crypto to its full potential. If CONSOB’s warnings lead to a more regulated system, this should be looked at as a positive thing for crypto’s future. With millions of potential investors yet to utilise the blockchain, regulation could be the first in a line of dominoes, with each one falling onto the other until no corner is uncovered. Only then will cryptocurrency be at the forefront of the new digital age which lies in front of us.
zondacrypto: The Story Behind the Brand
Every reputable company has a background story about its brand identity, name, and logo. This is our story.
Major Regulatory Concerns in Crypto
Let’s have a look at the major concerns expressed by regulators in the latest court case against a major crypto ...
Women's Entrepreneurship In Crypto
Let's explore women's entrepreneurship in the crypto industry.
NFTs and the Prevention of Illegal Art Trafficking
NFTs can help protect artists' copyrights, prove ownership over artwork, and prevent illegal art trafficking.
Why Is Regulation So Important for Crypto?
Check our new blog post to learn why is regulation so important for the cryptocurrency market.
Crypto Trends in October 2023
Let’s check out what were the most important news and trends on the crypto market in October.
How to Choose a Safe Cryptocurrency Exchange?
One of the most critical aspects when choosing a cryptocurrency exchange is the platform's safety.
Crypto Trends in September 2023
Let’s check out what was the most important news and trends on the crypto market in September.
Why and How is zondacrypto Better Than Others?
It can be difficult for beginners to choose the right platform for their needs. Read on to find out why ...
Why do cryptocurrencies work well for e-commerce?
GAMIVO is yet another satisfied customer of zondacrypto pay
Crypto Trends in August 2023
Let’s check out the most important news and trends on the crypto market in August.
Crypto Trends in July 2023
Let’s check out the most important news and trends on the crypto market in July.
Around 30% of MEVSPACE customers pay with cryptocurrencies with zondacrypto pay
One in three customers is already paying for dedicated servers and VPS services with cryptocurrencies
zondacrypto is listing Quant
zondacrypto is listing Quant, the cryptocurrency which bridges the gap between blockchains
Crypto Trends in June 2023
Let’s check out the most important news and trends on the crypto market in June.
Regulatory tightening and EU MICA - risk or opportunity
In this article, we’ll discuss the upcoming Markets in Crypto Assets (MiCA) bill proposed by the EU Parliament. ...
The 5 Main Types of Crypto Attacks
In this article, we’ll examine the five main types of attacks that target cryptocurrency users.
Crypto Trends in October 2022
It’s October! What's trending in crypto this month?
Crypto Trends in September 2022
It’s September! What's trending in crypto this month?
Bitcoin Showing Signs of Resurgence After Catastrophic Dip: What's Contributed?
The Crypto Winter looms even as Bitcoin’s price shows signs of stabilising and resurging. Read on to discover ...
zondacrypto Is Listing Axie Infinity
zondacrypto is listing Axie Infinity (AXS), one of the hottest blockchain gaming projects on the market.
The Polygon Blockchain Is Here
The Polygon blockchain has finally arrived to zondacrypto, and it will be a true game-changer for our users.
We will conduct a scheduled maintenance from 10:00 AM to 10:45 AM (UTC+1) on 27.11.2023.
Wallet Maintenance on 26.11.2023.
On 26.11 from 11:00 to 13:00 (UTC+1) a wallet maintenance is planned.
Black Friday Means a 50% Commission Discount on crypto markets!
zondacrypto is having a Black Friday Promotion.
We will conduct a scheduled maintenance from 6:15 AM to 7:00 AM (UTC+1) on 23.11.2023.
zondacrypto Giveaway Winner List
Our two-month long massive Bitcoin giveaway is over, and we are proud to announce the giveaway winners.
zondacrypto Will Be Participating in Blockchain Expo
zondacrypto will be participating in the Blockchain Expo conference in London from the 30th of November to the ...
Adding and Removal of Several Markets (13.11)
We are removing DAI/EUR, JUV/EUR, and adding ZRX/USDT, PUNDIX/PLN and MATIC/EUR markets.
We will conduct a scheduled maintenance from 6:15 AM to 7:45 AM (UTC+1) on 14.11.2023.
1.23 Stablecoins: What Are They and How Do They Work?
A stablecoin is a non-volatile cryptocurrency whose price is tied to the value of a specific fiat currency.
1.21 What are Proof-of-Work Cryptocurrencies?
Proof-of-Work blockchains use miners to validate transactions and process network traffic.
1.22 What Are Proof-of-Stake Cryptocurrencies?
Proof-of-Stake cryptocurrencies allow users to earn staking rewards by participating in the blockchain’s ...
4. 07 Investment scams. What to look out for?
Investment fraud is one of the most common recent threats that is oriented towards people who use the services ...
4. 06 Travel Rule
Travel rule is a rule well known from the traditional banking sector, which states that all funds sent from one ...
2.16 Crypto taxation in Poland
Every year in Poland, more and more people are investing in cryptocurrencies. This involves, among other things, ...
4.05 Crypto taxation in Poland
Every year in Poland, more and more people are investing in cryptocurrencies. This involves, among other things, ...
4.04 Illegal Activities in Crypto
In this lesson, we explore recent statistics and discover insights about criminal activities related to ...
4.03 DLT Pilot Regime
The Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based ...
4.02 Digital Operational Resilience Act (DORA)
In this lesson you will learn more about the Digital Operational Resilience Act (DORA), which as a part of ...
Invezz / Interview: Volatility, liquidity and what happens next for crypto – zondacrypto exchange
Anyone who has ventured into the cryptocurrency world will agree with one thing: the volatility is unmatched. Be it plummeting or soaring prices, crypto markets are notorious for the pace at which they move. In this interview, Stanislav Havryliuk, our COO, assesses the current situation on the crypto market.
US regulators are cracking down on stablecoins!
Blockworks spoke to our COO Stanislaw Havryliuk about the recent SEC action against @PaxosGlobal and stablecoin #BUSD
Should we expect to see similar action against #USDT and #USDC? Which #stablecoin is the safest option?
Meet the person that is creating ripples of growth in the crypto space
Our CEO Przemysław Kral is making headlines again!
In this feature from FoxInterviewer, he discusses the skills needed to succeed in the emerging digital assets industry, the importance of KYC and AML procedures, and the tools he is building at Zonda.
Business Insider recently had a chat with our CEO
Zonda’s CEO Przemysław Kral recent spoke to Business Insider about the importance of consumer safety and compliance in the crypto sector.
Read the full article, along with additional commentary from our COO Stanislav Havryliuk
How will the US banking crisis affect crypto? Our CEO spoke to Benzinga
The collapse of Silvergate has sent shockwaves through the crypto industry. Where will US crypto businesses now go for banking services?
Zonda CEO Przemysław Kral recently spoke to @Benzinga about this issue and the problems it could cause.