Italian Payments Giants Merging to Form New Entity That Will Dominate Local M...

The Italian Banking Association claims that about 100 local banks are now operating on a blockchain network designed to speed up interbank transactions and processes.

For the first time, bitcoin has been used to incorporate a legal entity in Italy. The legal status of Bitcoin varies by country, but the Bank of Italy defines it as an unregulated digital decentralized virtual currency based on peer-to-peer, encryption on a shared blockchain. According to Italian Civil Code, the formation of a private limited company requires that the company have a minimum capital amount of €10,000. This minimum capital requirement means that business owners must make an initial contribution to the company. According to Art. 2464 of the Italian Civil Code, "1. The value....

The United States is not the only industrialized nation to be holding hearings concerning the impact of Bitcoin and other cryptocurrencies on the various aspects of society. The Italian Parliament began the hearings on the issue on 11 June, 2011. The hearings are expected to include testimony from law makers, international cryptocurrency experts, economists and members of the Italian and international law enforcement. While began on Wednesday of this last week they are expected to hear a great deal of testimony. Unfortunately this process will likely have to be repeated in most nations....

Italian rivals Nexi and Sia have finalized a merger to create a fintech giant that can compete in an increasingly consolidated European market. Italy's largest payments firm Nexi has struck a deal with its rival, SIA, to create a digital payments behemoth with a market cap of 15 billion euros ($17.6 billion). It's estimated the new entity will take a domestic market share of 70%.According to a report from Reuters on Oct. 5, the all-share agreement will give Nexi roughly 70% of the newly merged company, with SIA having an equity value of 4.6 billion euros ($5.4 billion). Nexi’s private....

While most of the developments in the cryptocurrency industry have focused on bitcoin payments or blockchain applications, there are still a lot of entities that are battling to dominate the bitcoin mining arena. After all, the blockchain is distributed among the computers part of the mining network, which suggests that it is still possible for a single entity to take control of the entire system. One of the most popular features of the bitcoin mining network is that any changes in the blockchain must be updated in all computers involved. If there is a discrepancy, the network will favor....