Bitcoin Daily: Italy Develops Blockchain Strategy; Self-Proclaimed Bitcoin Creator Denied Lawsuit Dismissal

Italy’s Ministry of Economic Development has published a list of 30 experts who have been tasked to develop the country’s blockchain strategy.

The experts include Angiolini Giorgio, head of marketing at telecom firm Italtel and also a member of UN INFO’s blockchain group; Monaco Marco, head of the blockchain competence center at PWC Italy; Pimpinella Martino Maurizio, president of the Italian Association of Paying Services Providers; and Vitale Marco, president of blockchain firm Quadrans Foundation, according to Coindesk.

The group’s main goal will be to “know, deepen and address the issue of distributed ledger technologies (DLT) and blockchain, as well as increase public and private investments in this direction.” They will also be charged with creating technical and regulatory tools for the nation’s blockchain industry.

In other news, Craig Wright, the self-proclaimed inventor of bitcoin, has had his move to dismiss a lawsuit against him denied by a U.S. federal court.

According to Coindesk, Wright is being sued by the estate of the late Dave Kleiman, a forensic computer investigator who passed away in 2013. The suit, filed by Kleiman’s brother, alleges that Wright tried to “seize Dave’s bitcoins and his rights to certain intellectual property associated with the bitcoin technology.” The suit is asking for the return of most of the 1.1 million bitcoins (currently worth around $3.9 billion), or its “fair market value,” as well as compensation for IP infringement.

“Here, the Court finds that Plaintiffs have sufficiently alleged a claim for conversion. The Amended Complaint alleges that Defendant converted at least 300,000 bitcoins upon Dave’s death and transferred them to various international trusts, which was an unauthorized act that deprived the Plaintiffs of the bitcoins therein. Accordingly, Plaintiffs’ claim for conversion (Count I) survives Defendant’s Motion to Dismiss,” stated court documents filed in the southern district of Florida.

And the price of bitcoin got a boost over the weekend, rising over $300 to trade at an average price of $3,842. Analysis by Coindesk reveals that “in order for bulls to now extend the rally towards $5,000, bitcoin’s price must scale the neckline of the widely observed inverse head and shoulders pattern — an indicator of bullish reversal.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.