Naples City ICO – a Solution to the Italian Banking Crisis?

Naples City ICO – a Solution to the Italian Banking Crisis?

Italy’s financial system needs a lifeboat and it appears from a recent communique from the city of Naples that those within the city’s administration would prefer for that rescue to be powered by the blockchain rather than the European Central Bank.

A working group has been established to harness blockchain technology in various areas of commerce including the “generation, distribution and use of a new cryptocurrency (ICO) linked to the city’s economy.”

Additional Blockchain Benefits

In addition to the ICO, the city intend to use blockchain in administrative processes, “accept payments in cryptocurrencies” and “implement fundraising based on cryptocurrencies.”

Interested parties can follow the city’s developments and future planned events on a simple text-based webpage that updates regularly.

Speaking in an interview with Cointelegraph, Felice Balsamo, an associate of the mayor of Naples, said that “Solutions will be studied to train small- and medium-sized enterprises, teaching them to accept cryptocurrency payments and to embrace the advantages of these technologies.”

He also advised that one focus group from the working group “will deal with international relations with other cities (from other countries) active in the sector, including Spain, Portugal, Argentina and Venezuela, involving city councillors.”

All of the nations mentioned are facing their own well-publicised economic problems and would be logical beneficiaries in any international blockchain co-operation.

Spain and Portugal have long been known to be at similar financial risk as Italy and Argentina recently received record IMF bailouts which have failed to support their currency while the ongoing petro cryptocurrency experiment is part of a larger initiative to revive Venezuela’s troubled economy.