Italy’s Economy Minister: Cryptocurrency to Cause Nothing but Problems

February 1, 2018

Italian Economy Minister Pier Carlo Padoan expressed sharp criticism on cryptocurrency. As he said, it can work a lot of damage after the bubble bursts. Despite central banks are monitoring closely the technology, recent changes on the market have given quite a turn for the government.

“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”, as Padoan claimed.

The minister is worried by the way the technology is being used:

"Blockchain is a technology and technology is one thing, and the use you make of it is another".

Cryptocurrency operations have been in the spotlight of Italian regulatory bodies for quite long. It was in 2016 when tax office regarded Bitcoin as a taxable currency. Last year companies promoting OneCoin crypto scheme in Italy were booked to the tune of 2.6 mln euro.


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