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According to NASDAQ , the forex market is the most actively traded and exceeds the global trading volumes by 25 times. This makes it one of the true precursors of global free trade and a real and stable store of value. Its stability is derived from various factors like regulation and sovereign backing, to name a few. However, such artificial stabilization creates a certain form of market distortion which goes ignored.

In fact, the faith of people in fiat currencies seems to be intact and even increasing till the last year. According to Reuters, in the first quarter of 2018, the trading volumes reached a record high. However, a March 2019 Reuters report stated that the beginning of the current year witnessed a plunge of 7.6%. The reason of this downward spiral of trading volumes is perhaps the lax attitude of Central Banks across the world. They have been delaying the submission of their proposals for tightening monetary policies. …


Italy is known as a country that still fanatically guards its culture and is mindful of its roots and rich heritage. The center of the Renaissance, Italy has offered much to the cultural and architectural progress of mankind. Historically, It has been slow to accept technological innovations. The best example is that of cryptocurrencies and blockchain technology. Although Italy is part of the European Union, its acceptance of this disruptive and transformative technology has been slow, almost arduous. Italy’s stance towards cryptocurrencies is a bit deviating from the positive outlook of many other members of the EU.

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The Regulatory Framework

While Italy, as part of the European Union, follows the roadmap and regulations laid down by the EU authorities, as a country, it isn’t very proactive in popularizing cryptocurrencies. Italy, like many other countries, does not have a clearly defined regulatory framework to govern cryptocurrencies. Italians do trade in cryptocurrencies through crypto exchanges, like Coinbase that accepts Italian residents. However, the revenue department of the Italian government identifies cryptocurrencies as foreign currency and taxes it at 26%. …


France was counted among the nations with the most hostile attitude towards cryptocurrencies up till fairly recently. In fact, initially, crypto websites were blocked by the government. However, lately, the country is becoming more and more crypto-friendly. The formation of new crypto regulations has further added to this attitude.

The tax rate on crypto assets has been lowered from 45% to 19%. The new regulations tax investors as commercial and non-commercial, on the basis of the frequency of their investments. …

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Unbank

The first fully decentralised blockchain banking app. We are taking crypto a step closer to mass market adoption. For more info, check out www.unbank.mobi

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