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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.
Автор Tanzeel Akhtar
Italy’s stock market regulator said Monday the unregulated spread of cryptocurrencies is a cause for concern, according to a report.
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- "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
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