Today is the day on which Zcash will officially launch. This new cryptocurrency has been getting a lot of attention from Bitcoin enthusiasts in recent weeks. With a strong focus on anonymity, this currency could become an interesting contender for established altcoins. But in Italy, the launch of Zcash is greeted with a new bill to ban fully anonymous cryptocurrencies.
Italy, along with a lot of other countries around the world, is not overly keen on cryptocurrency. While they allow Bitcoin usage without specific regulation, they will scrutinize other currencies which could gain mainstream traction. ZCash, while not even released to the public, is already causing a fair bit of controversy. So much even that fourteen Italian MPs decided to sign a new bill banning anonymous cryptocurrencies in the country.
in 14 MPs we proposed a bill in Italy to ban fully anonymous cryptocurrencies #zcash
— Stefano Quintarelli (@quinta) October 27, 2016
While cryptocurrency enthusiasts will not worry about this decision, the general public may see things differently. It is, by definition, impossible to ban cryptocurrency, unless there is a corporation behind it. ZCash seems to take a somewhat similar approach to this industry as Ripple does, which could put them in an awkward legal position.
ZCash is Of Great Concern To Italy
The decision to attempt banning fully anonymous cryptocurrencies comes at a troubling time for Italy. The country is dealing with underperforming banks and a looming financial crisis. The last thing they need is for a new cryptocurrency to drain more money out of the local economic ecosystem. Then again, if anyone in Italy wants to purchase ZCash, stopping them will be virtually impossible.
One could make the argument of how the Euro is nearly fully anonymous as well. Every Euro in a bank’s possession can be tracked, but once they leave the bank’s systems, they are untraceable. Since the majority of crime still relies on using cash and bank transfers, there are bigger fish to fry than ZCash, Bitcoin, or other cryptocurrencies.
Bitcoin community members are not too amused by this decision either. They are pointing out the futility of this idea. Then again, governments will introduce regulation that enriches them, rather than do good for the people they are representing. It is never up to a government to decide what individuals can or cannot do in the financial sector.
Announcements like these go to show governments have no clue about cryptocurrency. They want to control it, but they can’t. Signing this bill does not make ZCash illegal in Italy either, as it has not been turned into law yet. At this rate, it is doubtful that will ever happen, even though it is part of some MP’s agendas.
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