The cryptocurrency the sleep of Paolo Savona: In his last annual speech to the financial market, the president of Consob warned against the danger of the Crypto.
Savona spoke of a real “telluric fault”, very dangerous, which crosses the traditional monetary and financial territory. And concerns is associated with the Minister of Economy Giancarlo Giorgetti who speaks of “subtle” dangers.
Paolo Savona shoots on cryptocurrencies
The cryptocurrencies, according to the president of Consob, feed the illusion of easy earnings, compared to the “Field of miracles“Of Pinocchio of Collodi, where the cat and the fox invited the puppet to sow its five coins to then collect many more.
Control over cryptocurrencies, Savona supported,
“It cannot be entrusted to the care of organized private interests or regulating their services with insufficient decisions, but needs a conscious cooperation between states”.
Also because the exchanges of the Crypto escaping traditional controls on a territorial basis and lend themselves to being a currency in criminal transactions.
But according to Consob number one, this cooperation is becoming increasingly difficult due to the measures adopted by Donald Trump that block the birth of the dollar digitalthat is, preventing the United States from developing an official digital currency of the Central Bank, similar to projects already underway in EU or China. At the same time, the US promote the Bitcoin and other cryptocurrencies as potential reserve currencies alternatives or parallel to the dollar. In other words, the US do not want to create their own centralized digital currency, but they want to legitimize and ride already existing cryptocurrencies, applying to be the main world hub of these tools. And this contributes to making centralized checks difficult.
The Crypto and the 2008 crisis
Then the dark parallel between the current expansion of cryptocurrencies and the crisis financial one who marked the global markets in 2008 and which was caused by the bad management of subprime mortgages and come on derivatives:
“The analogy that is being determined with the roots of the 2008 financial crisis cannot be escaped due to the spread of complex derivatives that contained credits that have difficulty reimbursable and caused serious economic consequences, also putting at risk of state safety”.
According to the head of Consob, the European Union should transform the euro into an “As Good As Gold as in order to counteract the identification between gold and the cryptocurrencies. At the center of criticisms, also the absence of information by the European Central Bank on its strategies on the subject.
The dangers of cryptocurrencies according to Giorgetti
Echoes to Savona’s concerns, the position of the Minister of Economy Giancarlo Giorgetti, who on the occasion of the 251st anniversary of the Guardia di Finanza defined the cryptocurrencies “one threat subtle“In the same way as the tax evasion, recycling and international fraud. They are” capable of undermining the foundations of a state “, he said, underlining the need for an active contrast to these phenomena by the police and control bodies.
An identity of views, that between Paolo Savona and Giancarlo Giorgetti, who at least partially recomposes the harsh differences relating to the Unicredit/Banco Bpm case: then Savona threatened to leave Consob.
