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The Italian regulator is deeply concerned about the lack of clear rules for the crypto industry. The industry's $1.6 trillion growth without decent overlooking and regulatory standards is a major threat to the economy, said the local agency.
Firstly, the Italian CONSOB considers cryptocurrencies to be an excellent chance for cybercriminals to carry out their illegitimate actions, especially money laundering. Consequently, if conventional overlooking and regulative compliance is not exercised, digital currencies will significantly impair the overall clearness of the economic market.
In addition to the thriving crime in the world of digital currencies, the Italian economist Paolo Savona called the fundamental problems of cryptocurrencies their menace in undermining the influence of central banks and the monetary policy of the world's largest countries.
Theses, led by Savona, consider the pace of control of the growing digital currency business to be prohibitively slow. The head of CONSOB went even further in his reasoning, saying that if the European Union further hesitates in developing a region-wide set of rules to regulate digital currencies, Italy will have to create its own regulative frame for them.
Earlier, one of the Dutch politicians Pieter Hasekamp spoke about the new asset class in a similar vein. He stated that the collapse of this industry is inevitable, urging the government to immediately impose a ban on Bitcoin and all other cryptocurrencies.