Italian Minister of Economy Seriously Concerned about “Cryptocurrency Bubble Explosion”

On Wednesday, Italy’s economy minister talked very critically about the issue of cryptocurrency and mentioned that the “crypto-bubble explosion” could have caused harm even when currently supervised by central banks.

During his speech at the Polytechnic University of Milan, Pier Carlo Padoan decried the recent cryptocurrency market behavior:

“The oversight authorities are ever more active and the central banks are weighing whether to use cryptocurrencies but then, if the phenomenon explodes, they can do harm,” Padoan remarked, according to a report from Ansa Business.

During his speech at the Polytechnic University of Milan, Pier Carlo Padoan decried the recent cryptocurrency market behavior:

“Blockchain is a technology and technology is one thing, and the use you make of it is another,” he told event attendees. “The problem is not the technology but the behavior”.

It is not the first time when such cryptocurrency speculations attracted attention of italian regulatory authorities, including country`s tax office. In late 2016 this body began treating bitcoin as a kind of currency for tax purposes. Regulators, in turn, implemented tough measures against those who promoted OneCoin pyramid in the country. The company ended up paying fine of 2.59 million euros last August .

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