Authorities in Italy Warn of Bitcoin Risks Again

Italy is back at it with their warnings against the use of bitcoin and digital currency, according to a report from CoinDesk.

At least three institutions in the country have released warnings on the matter recently, highlighting a desire to establish appropriate legislation, regulation, and clear the air surrounding the status of this new type of money.

In speaking with Italian media outlet ANSA, the country’s Attorney General — Mr. Luigi Ciampoli — echoed sentiments we’ve heard time and time again: bitcoin and other digital currencies could possibly be used for money laundering and even to finance crime or terrorism.

According to Ciampoli, regulation of digital currencies would allow the appropriate authorities to track down and neutralize crimes of this nature, or at least get a better grip on them.

Ciampoli did, on the other hand, acknowledge the potential of bitcoin as a payment system.

Ciampoli doesn’t not feel as if current law applies to bitcoin/digital currency and the transactions carried out by these tools.

Vigilant governments

Italy isn’t the only country concerned with the malevolent use of digital currency, naturally. Here in the United States, appropriate frameworks are being put in place — particularly by the State of New York — to regulate bitcoin, even going so far as to issue “BitLicenses” to companies operating in the space.

Just yesterday, we reported that Argentina’s Financial Intelligence Unit had ordered all financial institutions to report transactions carried out with digital currency.

In fact, it would seem as if nations are beginning to recognize that they need to go beyond issuing warnings (which a slew of countries have done) and begin piecing together actual rules.

Certainly, the journey over the next year on this front should be interesting, don’t you think?

[textmarker color=”C24000″]Image[/textmarker] M. Horgan/Wikimedia