Ticino In Italy To Be Transformed Into A Cryptovalley

Cryptocurrencies and blockchain technology have gained gradual traction and more and more countries are looking towards adopting them. Distributed ledger technology, online and digital contracts system collection protocol which helps with large data sets are gradually becoming more common  in this era of financial transactions and exchanges of cryptocurrencies.

Members of the Movement 5 Stars (M5S) of Como and Varese, Niccolo Envy and John Currò, are as per reports planning a challenging project, which is a sensible, rational and reasonable way looks to “to turn the Italian enclave of Ticino (an Italian-speaking region of southern Switzerland) into a Cryptovalley.”

They said:

“Sample is an area that lends itself naturally to businesses, says Currò, having as neighbours the University of Italian Switzerland, Como and international investment capital and preferential taxation.”

Italy is the newest country to join the bandwagon when it comes to innovations and developments related to blockchain and crypto. Research about related applications is now being conducted in full force, as of now. This, however, seems to have led to the choice of underpropping the development of a certain area in Ticino, to make it conducive to the prosperous development of the firms and startups which are based on rising blockchain technologies.

Similar programs in Switzerland, Malta, Estonia, Liechtenstein and the Isle of Man have been introduced, and tremendous efforts are being put into making them a success. Blockchain technologies in Switzerland registered massive progress.

A recent survey indicates that the cluster of firms operating with cryptoassets and other related technologies in the Cryptovalley there have recorded huge expansions in spite of the ongoing bearish market.

The leading 50 cryptos saw their valuation plunge steeply from $44 billion to around $20 billion in the fourth and last quarter of 2018,  as was revealed in a report by CVVC, PwC, Inact, and Strategy.  However, that does not seem to have deterred the number of businesses which are operating within the cryptocurrency space and has soared by over 20%. That implies that more than 120 new digital currency entities have been registered in Q4 of last year.