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Italy To Introduce Stricter Crypto Oversight And Regulation: Reuters

Italy is set to introduce more stringent regulations for its cryptocurrency market, which will include imposing hefty fines for activities such as market manipulation and insider trading. Reuters reported that the Italian government is drafting measures aimed at bolstering supervision of cryptocurrency transactions. The proposed decree, as detailed by Reuters, outlines substantial penalties for offenses related to these activities.

Italy Strengthens Crypto Penalties

The draft decree, anticipated to be approved by the cabinet, suggests fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) for offenses such as insider trading, unauthorized disclosure of confidential information, and market manipulation.

According to the report, concerns voiced by central banks and international organizations highlight cryptocurrency’s perceived lack of intrinsic value and its potential to pose risks to macroeconomic and financial stability. Global investigations have also indicated that cryptocurrencies can be exploited for fraudulent purposes.

In line with a European regulation implemented last year, the proposed framework designates Italy’s central bank and the market regulator Consob as the principal authorities responsible for overseeing cryptocurrency activities to safeguard financial stability.

Vantican Library Introduces NFT Program

The Vatican Library has unveiled plans to expand into web3 by introducing non-transferable non-fungible tokens (NFTs) for supporters of its manuscript collections. In a recent announcement, the library, renowned for its extensive collection of ancient manuscripts and printed books, outlined the initiative. This experimental project initially targets Italian donors who contribute to the Vatican Apostolic Library.

As part of the initiative, Italians promoting the NFT project on social media until July 16 will receive a Silver NFT. This token grants access to a unique set of high-resolution images featuring 15 manuscripts from the library’s collection. Donors who participate will receive a Gold NFT, offering access to all high-resolution images included in the selection. The project may expand further in the future, potentially integrating immersive extended reality (XR) technology to enable virtual exploration of the library.

Father Mauro Mantovani, prefect of the Vatican Apostolic Library, emphasized the importance of preserving and promoting their cultural heritage. He stated, “I believe that our heritage demands special attention and commitment to its conservation and enhancement.”

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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