Blockchain technology is not bad in itself and the cryptocurrency system is bound to be regulated. The Minister of Economy, Pier Carlo Padoan, is convinced of this, who spoke about it at a conference at the Milan Polytechnic in response to a question about bitcoins.
“Blockchain is a technology. One thing is the technology, another the use that is made of it. Bubbles, when they exist, are linked to ultra-speculative behavior of the monetary and financial markets”, the minister said, noting the connection to the issue of rules.
The use of cryptocurrencies, continued the number one of the Treasury, “is an issue that is being addressed at an institutional level. The supervisory authorities are dealing with it. If some central banks are considering or have even contemplated the idea of adopting cryptocurrency systems and issuing cryptocurrencies, this means that the system will be regulated to avoid bubbles, which sooner or later explode and hurt”.
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