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Paolo Savona joined a host of institutional leaders who have
clamoured for more regulation and said cryptocurrencies could
facilitate illegal activity such as money laundering and even
undermine central banks' ability to conduct monetary policy.
"Without proper oversight there could be a worsening in market
transparency, the basis of legality and rational choice for
(market) operators," the Consob chairman said as he presented
the watchdog's yearly report.
Europe and the United States are both working on regulating
digital assets and their providers, as investors look for new
ground rules.
Alongside the evolving regulatory framework, some countries,
including China, Britain and Russia, are considering launching
their own central bank digital currencies.
Savona said there were some 4,000-5,000 cryptocurrencies in
circulation without any form of real regulation.
"If we add to this Consob's recent own experience in closing
down in Italy hundreds of websites illegally gathering savings,
the picture that emerges is worrying," Savona said.
He warned that the currencies could be a shield for criminal
activity such as tax evasion, money laundering, funding
terrorism and kidnapping.
"If it takes too long at a European level to come up with a
solution, (Italy) will have to take its own measures," he said.
(Reporting by Giancarlo Navach; Writing by Stephen Jewkes;
Editing by Andrew Heavens)
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