With the market worth of crypto hitting $1.6 trillion, the president of the stock market has concerns that there are no policies guiding its operations in Italy. Paola Savona, head of the country’s securities regulatory board has expressed worry over the fame crypto has come to enjoy without any rule of law to guide its operations.
Reuters reported that Savona spoke his mind during the yearly report of the securities board on Monday. He said that without appropriate measures in place, fraudsters could use cryptocurrency for their heinous activities. This according to him will affect the transparency of market which to a large extent is the ground for choices made by investors. Even though data from studies has shown that crypto fraudulence only makes for a very small portion of international crypto trade, Savona in like manner with other financial supervisors stressed that crypto is likely to be used for illegal activities.
The El Salvador parliament has accepted the proposal to use Bitcoin as one of the country’s legal tender. This move has attracted reproval from financial experts. A Dutch executive has proposed that cryptocurrency should be banned in the Netherlands.During the Monday breakfast program of the CNBC, the chief adviser to Allianz maintained that there is a constant struggle for either adoption or regulation of cryptocurrencies.
Savona said that the use of cryptocurrencies for fraudulence is not the only issue, he opined that the abiltiy to multiply it limitlessly is a major attack on reserve banks responsibility to put in place regulations and control of the financial sector of their different countries.The securities head said that the European Union were taking a lot of time to promulgate laws to guide crypto exchanges. On this note, he said that Italy would be left with no other choice except to institute regulatory standards if the European Union doesn’t work fast to do that for the region.
All crypto related operations are not always on the downside. Reports from India shows that the country is considering propounding crypto rules in place of a complete ban. In the same vein, in Netherlands, the finance minister has recommended supervisory laws in place of a ban.
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