Categories
News

Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

Categories
News

Italy’s CONSOB Suspends Two ICOs

All around the world, countries are trying to come up with a regulatory framework that makes sense for cryptocurrency. This involves laying the groundwork for innovation while still being able to protect traders from fraudulent initial coin offerings (ICOs), which is a widespread issue that many believes is preventing the cryptocurrency markets from expanding.

Italy has recently cracked down on two ICOs that an Italian securities regulator is claiming are fraudulent. However, the ICOs were not completely shut down – but instead were suspended for 90 days, as of press time.

BitSurge

The first ICO was a project called “Bitsurge Token”. The token promised monthly returns of 6 to 13%, and was accepting capital from $1000 to $25000. There is very little information about the project, and a Youtube trailer related to the project offers very little actual insight into the project, despite the fact that it utilizes special effects and appears to sound/look a bit like a movie trailer. You can find the trailer here:

 

In advertising for the project, the text in the quick 35-second ad simply says: “Learn how the surge grows, bit by bit. Be prepared for the absolutely amazing benefit. Join the mission”, before displaying a “Bitsurge” logo and text. The comments are disabled on the video, as well.

Crypto Green Earth

The second project is Project Crypto Green Earth. In a press release, the project claimed that it was attempting a blockchain-based mapping project of Costa Rica. It stated that it would utilize drone technology to map the “8.1 million square meters of observation data inside Costa Rica”. Users would then purchase “green certificates” to designate which portions of the map that they would like to preserve.

The Italian Companies and Exchange Commission — or Commissione Nazionale per le Società e la Borsa (CONSOB), is essentially the Italian version of the American Securities and Exchange Commission, and is responsible for the suspension. Both scams originate from a company called Avalon Life, based outside of the European Union, that claims it “empowers people” and “supports the planet” on its website.