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.

Jun 14, 2021 at 12:04 p.m. UTC
Updated Sep 14, 2021 at 1:10 p.m. UTC

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

  • "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.
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