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Cryptocurrencies, Italy is second in Europe but it is not a virtue. Illusions and risks of the under 40s between scams, thefts and money up in smoke

Despite the risk of losing a lot of money and ending up victims of thefts and scams, crypto-currency activities continue to fascinate Italians and especially the under 40s. The warnings of the Bank of Italy are recurring but there is no worse deaf than those who do not want to hear

Cryptocurrencies, Italy is second in Europe but it is not a virtue. Illusions and risks of the under 40s between scams, thefts and money up in smoke

In the first quarter of this year the activities in crypto-currencies in our country they have fallen a bit, also due to the collapse of quotations, but the Italian at least 690 have invested in it for a value exceeding one billion euros. This is signaled by the very recent Report of theOAM, the body of agents and brokers which since last year has been managing a specific register dedicated to operators in virtual assets with all the obligations that this entails.

Two figures are more striking than the others: the first says that theItaly is the second among the major European countries for crypto-currency activities and the second aspect that stands out is that virtual currencies mainly attract during 40, the most fascinated and deluded of getting rich quickly despite the very strong risks, the great volatility and the very little transparency of cryptocurrencies. Of the 690 thousand Italians (but the figure, according to Il Sole 24 Ore, is probably underestimated) who hold virtual coins, 65% are under 40 years old and only 5% are over 60 years old. There are even 14 minors. Yet the Bank of Italy it has never spared itself in sounding alarms and in discouraging in every way the unaware and casual use of crypto. Via Nazionale calls to banks and other supervised intermediaries but also to citizens to pay close attention and not to encourage the use of crypto-currencies in any way because "they are risky and speculative instruments and not suitable for most consumers either as an investment or as a means of payment". "There volatility prices, the crises of operators in the sector, i theft, scams, computer incidents and lack of transparency – was one of the most recent warnings from the Bank of Italy – raise concerns and expose all those involved in this market to risks”. But there is no worse deaf than those who do not want to hear. Crypto down from the tower.

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