Bitcoin and Virtual Currencies Are Real: Are Regulators Still Virtual?

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It is already ten years that the bitcoin is on the market; and twenty years from the primary conception by Wei Dan of a currency exploiting cryptography. Yet, only today is the bitcoin on the main headlines of daily newspapers and TV newscasts all around the world and its value fluctuations closely monitored on a number of websites. If a couple of years ago virtual currencies were a topic for policy-making elites, nowadays they have reached all classes, irrespective of profession and interests.

The virtual currency market is evolving with the speed of light. This should not be a surprise though, taking into account the parallel ongoing development of digital economy. Both, virtual currencies and digital economy provoke concerns, mainly due to the lack of information, while they also contain the promise of an infinite and innovative potential. The technology behind Bitcoin, blockchain or digital ledger technology, is in fact expected to overhaul the way transactions are performed and records are kept.

Published in: INTERTAX, Volume 46, Issue 6 & 7

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Italy: New CFC Legislation

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New provisions concerning the taxation of income generated by Controlled (CFC Legislation) have recently been introduced. Indeed, two different bills of law were presented to Parliament on 15 November 1999 and 15 march 2000. The latter was approved, with certain amendments, by the Senate on 5 July 2000 and by the Chamber of Deputies on 4 October 2000 and was finally included in the Law N. 342 of 21 November 200, which has been published in Official Gazette N. 276 of 25 November 2000.

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