Italy is home to some of the most active cryptocurrency communities in the world, including the Binance Italian group. This is indicative of the overall activity of the country’s citizens in the blockchain ecosystem. Italy is not only one of the biggest economies in Europe, but also one of the main drivers of blockchain adoption on the continent.
What factors have contributed to Italians’ inclination toward blockchain and cryptocurrencies? Let’s find out.
Government Support and Hardships Both Drive Crypto Adoption
Italy, the third-largest economy in the European Union, is fortunate to have government agencies that are open to blockchain opportunities. Italy joined the European Blockchain Partnership in September 2018. Meanwhile, the country’s Ministry of Economic Development convened a group of 30 experts that will help the country identify use cases for distributed ledger technologies and blockchain.
However, the same Italian leaders have caused some of the hardships that led people to pursue crypto as an alternative. As things stand now, the country’s unemployment rate is at double digits since 2012, while debt is at a staggering EUR 2.3 trillion, some of the highest in the continent.
Combine those economic woes with the Italian government’s volatile nature, something that the citizenry has been accustomed to, and you have a recipe for a populace that’s willing to seeking alternative opportunities. In fact, some of the upswings in cryptocurrency prices have been attributed to political and economic events in Italy. Last May 2018, amid perceived threats of Italy’s exit from the EU and a selloff of Italian bonds, cryptocurrencies rose in value.
Italians Come Up with Novel Uses of Cryptocurrency
Amid this environment, Italians have been quite creative with the use of blockchain technology, primarily focusing on the creation of cryptocurrencies. Individual cities in Italy have led the charge.
In September 2018, Naples mulled creating its own autonomous cryptocurrency, citing troubles with the “unfair debt” the central government had imposed. Meanwhile, the City of Bari is using blockchain technology such as smart contracts for the issuance of surety policies.
Enthusiasm for blockchain and cryptocurrencies also extend to privately owned enterprises, from startups to even football clubs. For instance, a startup in Florence created a prototype cryptocurrency mining rig housed in a dishwasher drawer, then grew its business by building rigs housed in shipping containers. Juventus, a major football team in Italy, introduced its own cryptocurrency late last year and revealed that it will be sold to fans the first quarter of this year. Meanwhile, the football team Rimini of the Italian Serie C division agreed to a sale of its shares in exchange for cryptocurrency.
Despite High Demand, Italians Still Seek More Crypto Options
But while Italy shows great enthusiasm for cryptocurrencies, options for buying Bitcoin and other tokens in the country still leave something to be desired.
Binance is addressing such challenges with new platforms that allow for wider adoption of cryptocurrencies in Italy. Our newly-launched credit card feature, which allows Italians to buy cryptocurrency using credit cards, has been met with positive reactions in the country. Binance.je, a fiat-to-crypto platform we also recently launched, is catering to Europe.
And given Italians’ appetite for new cryptocurrencies, Binance Launchpad is a good way for Italians to participate early in launching blockchain projects with huge potential. More information on how to buy bitcoins can be found at https://www.binance.com/en/blog/318034612921425920/How-to-Buy-Bitcoin-A-Binance-Guide
Want to learn more about the blockchain-related opportunities that Binance has to offer? Join us at the upcoming Binance Bologna Meetup on February 16, 4 PM at UNAHOTELS Fiera 1, Piazza della Costituzione. Register here on Eventbrite