Bank of Italy Skeptic about Crypto but Looks to Implement Blockchain Technology
May 5th 2019.
Just about every single banking service can be improved using blockchain technology. Earlier in 2019, the Italian Government introduced an outline for blockchain regulation known as “Decreto Semplificazioni”. The document also touched upon utilizing blockchain-powered digital data records. The group who organized and published the paper, publicly states they aim to promote the adoption of blockchain technology in Italy.
Crypto VS Blockchain
Despite the fact that the idea of blockchain technology evolved from cryptocurrencies, the bank of Italy is still very uncomfortable with the idea of crypto adoption. Actually, the authorities in Italy think that cryptocurrencies are not only risky and speculative but also quite inefficient.
According to an analysis published in a report called “Economic and regulatory aspects of the crypto-activity”, the Bank of Italy showed that cryptocurrency is not categorized as money or any form of financial instrument for that matter. The bank later released another report which was against Bitcoin claiming that the crypto, along with several others, is used to support illegal activities such as money laundering, and other fraudulent activities.
Well, just like Italy, China defies crypto but likes blockchain technology. The Chinese government is taking quite bold steps to limit the country’s Bitcoin mining operations. The National Development and Reform Commission (NDRC), an overseeing body with a massive remit across much of the Chinese economy, industry, energy production, and rural development has added cryptocurrency mining to the list of activities that it wishes to restrict or eliminate.
In as much as crypto mining has dominated China for a long time now, NDRC believes that crypto coins are unsafe, present potentially harmful legal implications, and wastefully pollutes the environment.