Intesa Sanpaolo, Italy’s largest banking group, has confirmed its purchase of 11 Bitcoins for roughly 1 million euros, equivalent to 1 million USD. This investment signifies the first direct move by an Italian bank into the cryptocurrency market.
The acquisition has led to speculation regarding potential future strategies for Bitcoin by the bank, though they have not disclosed their motivations. This move aligns with a rising interest in digital assets among traditional financial institutions.
In related news, the Italian government plans to raise the tax rate on Bitcoin capital gains from 26% to 42%, aiming for broader revenue generation. This shift reflects changing attitudes toward cryptocurrency regulation in Italy.