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Paolo Savona asks states to regulate cryptocurrencies

The words of the Consob president on digital assets

In the discussion on cryptocurrency, also intervened Paolo Savona. The number one of the National Commission for Companies and the Stock Exchange (Consob), expressed his opinion during a lectio magistralis held at the University of Cagliari. Expressing a very articulate and, in some ways, surprising position. So let's analyze what has been said and why the statements made should sound not exactly reassuring for the cryptographic sector.

Paolo Savona - Paolo Savona asks states to regulate cryptocurrencies

What Paolo Savona said

According to Paolo Savona, the spread of digital money and technology blockchain, has resulted in a series of not insignificant changes. These concerned in particular the institutional structure of the money and financial markets. In practice, “the technological platforms that offer custody, management and conversion services of virtual products in a quick and less expensive way have competed with traditional banks and financial intermediaries”.
Changes which will have to be taken into account by the fiscal and monetary authorities. If they do not want to be displaced by the implications of what promises to be a revolution.

Cryptocurrencies need to be regulated

The continuation of Paolo Savona's reasoning, however, is even more interesting. Precisely because of the implications that it would entail for the cryptographic space.
According to the president of Consob, in fact, the States and the authorities should take action to make an effort to integrate cryptocurrencies into their institutional and regulatory framework. Thus overcoming the inadequacy of their knowledge and preventing the market from taking the lead in the phenomenon. An event, the second, which would act "ignoring the history of its failures and would risk generating imbalances that the man on the street will suffer".

More state, less market for cryptocurrencies

Paraphrasing an old liberal slogan, it could be said that the logical implication of Paolo Savona's statements is a leadership role of the state, to the detriment of the market. An extremely surprising position, in the light of a historical phase that saw the dismantling of the protections to the advantage of the large economic groups.
Which, moreover, seems to fit in the wake of the policies undertaken by China, which has left the field free to the economic forces, writing however strict rules which they must abide by. A prescription which, however, seems to go to break the dream of those who see cryptocurrencies as the tool to break the state monopoly in terms of money. Although with the aim of increasing the financial inclusion of those who are unable to manage their assets today.

Regulation as a cryptocurrency control tool

It is not difficult to understand that Paolo Savona's words in practice prefigure the state control of the crypto sector. Trying to limit the function of the market and maximizing the role of the state. A leadership position that seems to actually respond to some of the fears repeatedly expressed by the political world over the last few years.
A position which began to make itself felt especially after the presentation of the White Paper by Pound, Now diem. The cryptocurrency of Facebook, in fact, immediately aroused the opposition of those who fear an increasingly strong role of large economic groups. Which could ultimately leverage precisely on digital money to act as a supra-state structure. A danger that according to Savona can be avoided with a very strong state intervention. Along the lines of what the China, for example by offering its digital yuan.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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