Cryptocurrencies, Consob’s squeeze. Savona: “Regulating the market” – Corriere.it

The Consob president returns to the topic of cryptocurrencies such as bitcoin, which many Italians have but do not know. It is necessary to understand “if we can accept a technologically neutral regulation” on the technologies that revolve around cryptocurrencies and the blockchain and “if it is possible to fix the market in regulation” given “its rapid evolution”, said Paolo Savona, who is president of the supervisory commission on the markets and the stock exchange, during a webinar organized by the authority and the Blockchain & Distributed Ledger Observatory. “We are talking about a system based on blockchain, we should start by defining what the use of this tool means. The technological problem is a main basis », added Savona.

Who reimburses cryptocurrencies

The Consob president has spoken several times on the issue of cryptocurrencies, which have recently caused some problems for celebrities such as Kim Kardashian. «A large majority of investors consider the money-back guarantee to be the main variable influencing their choices. Here, too, they refer me to the world of cryptocurrencies: who is repaying cryptocurrencies, no one knows », said Savona on 11 January, speaking at the presentation of the Report on the investment choices of Italian families. “If the information asymmetries are accentuated, with increasingly invasive monetary policies on the financial markets and with the spread of cryptocurrencies, fighting financial ignorance – which is our goal – becomes increasingly difficult to achieve”.


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