Italy's Economy Minister Blasts Crypto Market Bad Behavior

Italian Economy Minister Pier Carlo Padoan warned on Wednesday that cryptocurrencies are dangerous, but that blockchain technology is not to blame.

AccessTimeIconJan 31, 2018 at 5:15 p.m. UTC
Updated Sep 13, 2021 at 7:30 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Italy's economy minister struck a critical tone on cryptocurrencies Wednesday, remarking during an event that damage could arise should a market bubble "explode" even as central banks eye the technology.

Speaking during an event at the Polytechnic University of Milan that was organized by energy giant Enel (which itself has trialed blockchain for energy trading purposes), Economy Minister Pier Carlo Padoan joined the growing chorus of government officials who have decried the price developments around cryptocurrencies in recent months.

"The oversight authorities are ever more active and the central banks are weighing whether to use cryptocurrencies but then, if the phenomenon explodes, they can do harm," Padoan remarked, according to a report from Ansa Business.

The publication also quoted Padoan as saying that the issue isn't strictly technological, but rather a consequence of how it's used.

"Blockchain is a technology and technology is one thing, and the use you make of it is another," he told event attendees. "The problem is not the technology but the behavior".

Speculation around cryptocurrencies has caught the attention of Italian regulators in the past, including its tax office, which in late 2016 moved to treat bitcoin as a kind of currency for tax purposes.

Market watchdogs have also targeted local promoters of the OneCoin investment scheme, which has been widely accused of being a Ponzi scheme, ultimately issuing a 2.59 million euro fine last August.

Pier Carlo Padoan image via Wikimedia Commons 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.