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Italian Stock Market Watchdog Calls for Crypto Regulation


u.today 14 June 2021 11:59, UTC
Reading time: ~2 m

According to a Reuters piece, the head of Italian stock market regulator Consob, Paolo Savona, believes that as long as cryptocurrencies are not regulated, they may cause concern and may bring damage to the way the market works.

That followed the statement of the head of the Dutch regulator CPB that the Netherlands must ban Bitcoin and the rest of cryptocurrencies.

“Crypto can prevent central banks from conducting monetary policy”

Paolo Savona believes that digital currencies in Italy must circulate and be utilized under a proper regulation. Otherwise, they are a perfect tool for money laundering and can prevent central banks from conducting monetary policy.

Without regulation, cryptocurrencies can worsen the transparency of the market, he stated, adding that this is “the basis of legality and rational choice for (market) operators”.

The head of the watchdog made these statements during the presentation of the Consob’s yearly report today.

The Netherlands prefer crypto regulations to crypto ban

As reported by U.Today previously, Pieter Hasekamp, director of the Dutch Central Planning Bureau (CPB) Pieter Hasekamp has suggested banning Bitcoin and other cryptocurrencies in the country.

The reasons he cited is that BTC and crypto are not issued by centralized financial institutions and are completely out of the government’s control, therefore their crash in the future is inevitable.

However, the country’s minister of finance Wopke Hoekstra stated that crypto regulations would be better than a total ban on digital currencies and assets.

In particular, it would be a lot more effective than banning Bitcoin, he said.


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