New data from the marketing analysis firm SEMRush is in the Bitcoin latest news, showing that Italians like to pay with Bitcoin (BTC). According to the stats, Italians prefer Bitcoin over some of the most popular payment methods and ranks BTC at the third place of the most preferred online payment in the country.
On October 31, the Italian news outlet La Stampa issued a piece where it reported that the Boston-based marketing analysis company (SEMRush) analyzed the Italian marketplace, seeing that the list of the most used methods of online payment systems features Bitcoin on the strong third place, just behind PayPal and the Italian reloadable prepaid card service PostePay.
Italians prefer Bitcoin over Visa and Mastercard too, which are popular and traditional methods. The list also features American Express on places below Visa and Mastercard. According to La Stampa, Bitcoin is used more than 215,800 times per month for online purchases in the country, while American Express is used only 189,000 times per month. Visa, Mastercard and other credit cards lag with only 33,950 uses and transactions per month.
The California-based online payment service PayPal is still dominant and the most preferred option for online payments in the country with around 1.3 million payment transactions per month. The Italian processor PostePay follows closely and has almost 1.2 million monthly transactions.
Italians prefer Bitcoin over some of the most popular payment methods in the country, which is a great sign. La Stampa wrote that in 2018, the total business-to-customer spending on eCommerce was over 40 billion euros and 62% of the Italians were making at least one online purchase in that year.
As you probably know if you are following the crypto regulation news on our website, Italy had no specific regulations for cryptocurrencies so far. The official decisions shows that as Italians prefer Bitcoin, any transaction which involves the crypto assets against fiat would not be tax deductible. So, no value-added tax (VAT) is charged on these transactions. However, the regulatory scrutiny around cryptocurrencies is getting stronger every day which is why these rules may change – or be written in a new way.
At the end of the day, regulating cryptocurrencies as securities would affect who can buy, hold, deal and keep custody of them.
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