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The largest banking group in Italy, Intesa Sanpaolo, has become the first in the country to make a direct investment in Bitcoin as it officially enters into the crypto space.
The purchase made headlines as a leaked internal email from the Head of Digital Assets Trading & Investments shared the inaugural Bitcoin trade had taken place, with a purchase of 11BTC for €1 million (roughly $1.025 million in USD).
The purchase is believed to have been made on January 13 at around 11 am CET, when Bitcoin was trading at approximately $92,800.
The email was originally reported by Italian crypto news outlet Criptovaluta. According to the report, the press office of the banking group confirmed the news it had become the first Italian bank to buy Bitcoin through a phone call with the publisher.
Employees at the banking group have since also confirmed the report to CNN “on the condition of anonymity because they did not have the authority to discuss the matter publicly.”
It’s not yet known whether the banking group will make further movements into digital assets or whether the investment was simply for exploration.
It’s now believed that this move could signify a shift in the attitude of regulatory authorities in the country toward cryptocurrencies, with the action potentially paving a way for broader adoption.
What is the cryptocurrency scene like in Italy?
This comes after digital assets have become a hot topic in Italy in recent times, with the government having planned to increase taxes on crypto capital gains just a few months ago.
The proposed tax hike was part of a broader effort to generate revenue to support Italian families, youth, and businesses.
The intention was to raise them from 26% to 42%, but the proposal was halted due to strong opposition. This led to the proposal being postponed until 2026.
🇮🇹 Italy's Deputy Finance Minister Maurizio Leo announcing their plan to increase capital gains on Bitcoin from 26% to 42% because "the phenomenon is spreading." 😮 pic.twitter.com/H3ebBE1rPP
— Bitcoin News (@BitcoinNewsCom) October 16, 2024
The 26% tax rate will remain for 2025, but it will increase to 33% beginning in January 2026.
Now that the country’s largest bank has made its first foray into the world, all eyes are on regulators and the government to see how they approach the topic in the future.
Featured Image: AI-generated via Ideogram
