Italy eyes Bitcoin for regulated trade

Tuesday 17 June 2014 00:37 CET | News

The Italian government has implemented a preliminary set of rules on Bitcoin, similar to the regulations which are applicable for the national fiat currency, reports.

The regulations are aimed at making Bitcoin transactions over EUR 1,000 traceable by imposing the law that would oblige those making the trades to provide credentials on the sending side.

The proposition was made by Sergio Boccadutri, a member of the Italian parliament.

This movement comes in a country where citizens have a clear preference for cash rather than electronic money. Moreover, there are about 7 million unbanked citizens in the country. According to the same source, the number of citizens who downloaded Bitcoin wallet places Italy 12th among other countries and this is only what can be traced.

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Keywords: Italy, Bitcoin, regulations, online payments, digital currency, crypto-currency, fiat currency
Categories: Payments & Commerce
Countries: World
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