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Cryptocurrencies and Web3 in Italy: the report by Consensys

Author: Content Editor
According to a report by Consensys, cryptocurrencies and Web3 are gaining traction in Italy, but adoption is limited due to uncertainty and distrust. While curiosity towards cryptocurrencies is growing, Italians still face barriers such as lack of knowledge, association with risks and scams, and mistrust. Only 11% of the population currently owns cryptocurrencies, with a majority of young individuals being involved. Lack of literacy in blockchain and decentralized systems is a significant obstacle, with market volatility, fear of scams, and difficulty in understanding where to start being the main concerns. Italians have a limited perception of the innovative potential of Web3 and only 35% believe that decentralized systems can improve key sectors. Trust in traditional finance is low, which could present an opportunity for decentralized finance (DeFi), but the lack of knowledge on concrete alternatives is a hurdle. Education is crucial in bridging the gap between interest and adoption, as only 12% of Italians are familiar with blockchain technology. The perception that blockchain is energetically unsustainable is another challenge. Interest in NFTs is growing, particularly in areas like digital art and gaming. Joseph Lubin, co-founder of Ethereum, highlights the potential of blockchain and decentralization to enhance transparency, trust, and privacy but emphasizes the need to address challenges such as disinformation and regulatory clarity. Overall, efforts from companies, institutions, and communities are required to educate the public and overcome cultural diffidence for the wider adoption of cryptocurrencies in Italy.

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