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Italy is one of the most visited countries not only for its typical foods pizza and pasta but also for its beautiful places and landscape. Although this nation was the epicentre of the COVID-19 pandemic in Europe, it has arrived to fight back from the virus disaster. Well-known for its monuments and architecture, this boot-shaped peninsula is also one of the world’s largest economies that have been named as among the most innovative nations.
That’s probably one of the reasons why Bitcoin has grown in this country. This most popular cryptocurrency has piqued the interest of the Italians and has a bright future as an efficient payment method there.
The Italians Can Buy Bitcoin from Their Bank
Benvenuti in Italy! This is the sentence that Italians use to welcome newcomers to this country. They welcome the payment option Bitcoin since it has changed the way they transfer their money. In fact, buying Bitcoin has become easier for them as the largest banks there are growing their partnerships with the Digital-first challenger banks.
For example, the renowned mobile bank Hype has collaborated with fintech startup Milan-based Conio in order to offer bitcoin as a payment solution for their customers. Today, more than 1.2 million Italians are now able to buy Bitcoin from their bank since this cooperation has taken a hands-off approach to bitcoin in the Italian markets.
They are, thus, able to buy and sell safely and securely BTC from their banking app. As Hype is well-reputed for its high-quality and undisputed services, over a million Italians have chosen this bank and 60,000 new customers being onboarded each week. On this collaboration, Conio offers an additional Bitcoin wallet on the Hype platform so this Bitcoin mobile wallet is a multi-key solution to facilitate the customers’ payment process.
Real Cryptoconomy has Grown in the Italian Companies
Based on the study in 2018, the Italians have now opted to buy online in which the total B2C spending in e-commerce exceeded 40 billion euros. This statistical study is confirmed by an article published by La Stampa daily which made known that the use of virtual payments in this country has developed.
Moreover, Semrush, a U.S.-based firm selling online visibility and marketing analytics software, carried out the analysis of the online payment system. This company affirmed that among the payment options in Italian casino sites, Bitcoin ranks the third method and players use NonAAMS.com to find casinos that accept BTC payments. The main deposit methods are still Paypal and Postepay.
According to Federico Pecoraro, a Chainblock CEO, the assessment of the volume of crypto payments in Italy is very difficult. Since Chainblock is among the oldest crypto companies, Pecoraro notices the amazing evolution of the cryptocurrency there. This means that the growth of this payment online will be significant in the future.
BTC Gambling has Developed in Leaps and Bounds
Similar to several European countries, gambling in Italy is absolutely legal, and bear in mind that this country is the origin of some casino games like Baccarat and Bingo. With the modern technological innovations, BTC gambling has boosted and today the gambling operators have opted to use Bitcoin among the payment solutions for their businesses.
Undeniably, Bitcoin provides huge advantages to both operators and players since it is widely assumed to offer a high degree of anonymity and safety. More and more online casinos and betting sites in Italy accept Bitcoin as an option for depositing and withdrawing funds. The players are, hence, able to move funds in a trustworthy and straightforward way when choosing this payment system. As this digital currency has increased significantly in this country, the shining future of the gambling industry is for sure not only in Italy but also in the world.
Italy’s Tax Treatment Of Cryptocurrencies
Since cryptocurrencies have broadened in Italy over the last few years, the big data companies are implementing blockchain-based internal payment methods for their customers. This cutting-edge payment solution serves a lot of benefits enabling the firms to run their businesses successfully. That is the main reason why the authorities have set out cryptocurrency regulations to protect the investors. As a matter of fact, this nation has no specific regulations regarding cryptocurrencies.
Nonetheless, the authorities had to issue decisions on the most appropriate tax treatment of cryptocurrencies. Obviously, this can lead to some risks and opportunities for the concerned sides. As for the private investors, as they are able to get huge gains from the trading, the authorities understand that cryptocurrencies are considered as foreign currencies. All in all, the cryptocurrency regulation in Italy is an excellent example for many countries as this approach provides tremendous opportunities for innovation and development.
