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Italian Regulator Says Unsupervised Spread of Crypto Is Cause for Concern: Report
Cryptocurrencies could facilitate illegal activity and undermine central banks' ability to conduct monetary policy, Consob Chairman Paolo Savona said.
Italy’s stock market regulator said Monday the unregulated spread of cryptocurrencies is a cause for concern, according to a report.
STORY CONTINUES BELOW
- "Without proper oversight, there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators," Consob Chairman Paolo Savona said, according to Reuters.
- Savona warned cryptocurrencies could be a shield for criminal activity such as tax evasion, money laundering and funding terrorism.
- Cryptocurrencies could also undermine central banks' ability to conduct monetary policy, he said.
- There are between 4,000-5,000 unregulated cryptocurrencies in circulation, and Consob has recently closed down hundreds of websites illegally gathering savings in Italy, Savona said.
- "If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures," he said.
See also: Crypto Monitoring ‘More Effective’ Than Outright Ban, Dutch Finance Minister Says
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
