Italian Government interested in Blockchain and Cryptos

A number of countries are aimed to have a vibrant DLT ecosystem and Italy is not left behind: it created a working group to take care of blockchain and cryptos
17 June 2018   235073

The working group is operating in Naples and beyond. The Naples authorities declared that volunteers were welcomed from all over the globe to help the working group in “developing and implementing objectives related to blockchain technology.” The demand was well gained by scholars, blockchain developers and enthusiasts from around the world and about 300 of them entered the group.

The Naples mayor`s associate, Felice Balsamo confirmed that since December 2017 the blockchain project has been in the works, when the price of bitcoin hit an all-time high of $20K. Presently, the officials of the project are dividing the entire focus group into small chunks joining people with various skills and disciplines. The entire focus group connects volunteers who are students, legal luminaries, engineers, developers, accountants and more.

The major object of all the cells that make up the working group is to brainstorm and making blockchain solutions which would be able to enforce transparency in different areas of the administration including elections, birth records, and the entire economy. As a resolve is developed, volunteers will now deploy their startups in the region about the advantages of adopting such systems while encouraging small and medium enterprises to accept payments in cryptocurrencies.

Combining traditional economy with a new economy based on cryptocurrencies could lead to a huge economic potential for over 3.5 million residents of the metropolitan city of Naples.
Luigi de Magistris,
The Mayor, Naples

Italy is defined to join the league of nations championing the crypto revolution, beginning with Naples. If things go well, in a few years time, Italy will become a crypto hotbed in Europe.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.