If the EU authorities delay in introducing uniform rules for the circulation of digital assets, then Italy will take its own measures.
The uncontrolled spread of cryptocurrencies could harm the economy, said the head of the Italian financial regulator CONSOB Paolo Savona, writes Reuters .
In his opinion, digital assets contribute to illegal activities such as money laundering, and can also undermine the ability of central banks to conduct monetary policy.
In addition, cryptocurrencies can be used as a cover for tax evasion, terrorist financing, kidnapping and other criminal activities, Savona argues.
“If it takes too long to find a solution at the European level, Italy will have to take its own measures,” the official said.
In June, the banking regulator already called for tough rules to regulate cryptocurrencies. The Basel Committee on Banking Supervision, which operates under the Bank for International Settlements, believes that banks should have sufficient reserves to cover possible losses from investments in bitcoin.