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Italy seeks to ban Zcash and other anony...

Italy seeks to ban Zcash and other anonymous digital currencies

Published on October 31, 2016

The new cryptocurrency Zcash is officially launched. In Italy this new currency, which promises a strong focus on anonymity, is greeted with a plan to ban fully anonymous digital currencies.

Zcash was not even released to the public when it already started causing controversy in the country. As a result, the lawmakers of Italy decided to sign a new bill banning anonymous cryptocurrencies that are becoming strong contenders for older alternative coins.

IT expert and a member of the Italian Parliament Stefano Quintarelli tweeted last week that “in 14 MPs we proposed a bill in Italy to ban fully anonymous cryptocurrencies.”

Even though Italy is not the first country not being keen on the digital currency, the decision comes at a difficult time, as Italy is dealing with a looming financial crisis. The Italian government allows Bitcoin without any regulation, however they frown upon other digital currencies that could gain mainstream traction.

Digital currency community members are not amused by this decision, however it is doubtful if this bill will ever turn into law.