A digital euro would “reinforce the ability to pay with public money throughout Europe with a technology and infrastructure that is based in Europe,” he told members of the European Parliament’s Economic and Monetary Affairs Committee, promising offline functionality, accessibility and “excellent solutions” to protect privacy. Source
Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stablecoin issuers in the industry. #Bankitalia #26June Alessandra #Perrazzelli discussed about the evolving regulatory landscape for #DigitalAssets at @pointzeroforum Panel “State of Global Digital Asset Regulation: Navigating Opportunities in an Evolving Landscape”#PZF2023 #PointZeroForum @sif_sfi @elevandi pic.twitter.com/Jm0OBeifZh —…
Italy has recently made headlines by becoming the first Western country to ban the popular artificial intelligence (AI)-powered chatbot ChatGPT. The Italian Data Protection Authority (IDPA) ordered OpenAI, the United States-based company behind ChatGPT, to stop processing Italian users’ data until it complies with the General Data Protection Regulation (GDPR), the European Union’s user privacy law. The IDPA cited concerns about a data breach that exposed user conversations and payment information, the lack of transparency, and the legal basis for collecting and using personal data to train the chatbot. The…
Italy’s data protection agency Garanate has set out multiple conditions for OpenAI to implement and comply with the GDPR rules. In March 2023, the European Nation of Italy announced a ban on OpenAI’s newly released told ChatGPT, which has created a storm in the tech world. This happened on the charges of breaching data privacy rules in Italy. In the latest development, Italy’s data protection agency Garanate suggested certain actions that OpenAI must take in order to revoke the imposed ban. Earlier this month, the Italian watchdog suspected that the…
AC Milan is the first football club to partner with MonkeyLeague. “We are thrilled to kick off this partnership with MonkeyLeague, a collaboration that allows us to strengthen our positioning in the field of digital innovation,” Casper Stylsvig, chief revenue officer of AC Milan, said in a press release. Source
Amid the global pandemic crisis, the importance of ensuring trusted information is getting more crucial as fake coronavirus news poses a direct threat to life and health of people worldwide. While some global jurisdictions are imposing fines and imprisonment for spreading false coronavirus information, a major news agency in Italy is hoping to stop fake news by implementing blockchain technology. All the news that’s fit to hash ANSA, Italy’s main news agency and an international publication owned by 24 national newspapers, has launched a news tracking system based on blockchain…
A recession hit Italy in 2018 after the country saw a 0.2% quarterly drop in economic growth. It is at risk of a greater recession due to the coronavirus outbreak. The local manufacturing sector is en route to see 18th consecutive negative month. Italy entered a recession in the last quarter of 2018, with a 0.2% drop in the economy. As it started to recover, the coronavirus epidemic hit the nation, leading finance ministers in Europe to warn a plunge in the markets in the coming months. The eurozone has…
Italy’s securities regulator has shut down six foreign exchange websites and two crypto investing and derivative trading sites. According to Finance Magnates’ Feb. 10 report, the Commissione Nazionale per le Società e la Borsa (CONSOB) has accused these 8 FX sites of violating the Mifid2 and the Consolidated Law on Finance (TUF) for providing illegal trading products and services. Crypto regulation in Italy Aiming to protect investors, the Italian authorities have set out to establish cryptocurrency regulation domestically. A 2016 ministerial resolution implemented a European Court of Justice decision. It…
During the Code4Future conference, the first event in Italy dedicated to the concept of open innovation held at the Talent Garden in Rome, the former Minister of Economy and Finance Giulio Tremonti — currently president of Aspen Institute Italia — expressed his thoughts regarding the future of digital payments and the advent of cryptocurrencies. On Nov. 8, the first day of the Code4Future event, Tremonti took part in a round table discussion, during which he said the opportunities offered by the fintech sector were changing both business logic and the…
Italian banks will deploy blockchain technology to run reconciliations starting in March 2020, financial technology news outlet Finextra reported on June 18. The Italian Banking Association (ABI) has announced that Italy’s banks will integrate distributed ledger technology (DLT) into internal processes to boost settlements. The deployment of blockchain is also set to improve transparency in transactions between banks and efficiency of communication between counterparties. The initiative comes as part of a program managed by ABI Lab dubbed Spunta Project, a blockchain interbank solution based on blockchain consortium R3’s open-source distributed…