Bank of Italy Calls Bitcoin Useless, Risky and Inefficient

[Goodcat49]

Recently, the Central Bank of Italy published a report against digital currencies including Bitcoin (BTC), defining them as dangerous, useless, speculative and inefficient. The bank is not happy with how cryptocurrencies are being used.

Many criminals have taken advantage of cryptos to run their illegal activities such as funding terrorism such as al-Qaeda, money laundering, supporting prostitution, drugs, sex etc.

Crypto Fanatics Involvement in Illicit Activities 
Bitcoin has been behind the payments of high-profile criminal and malevolent transactions by more than 40% within the EU, according to the 2015 Europol report.

In February 2018, an Australian research group found out that ¼ of the cryptocurrency enthusiasts are engaged in malicious activities. They said:   

“We find approximately one-quarter of Bitcoin users and one-half of Bitcoin transactions are associated with illegal activity. Around $72 billion of illegal activity per year involves Bitcoin, which is close to the scale of the US and European markets for illegal drugs.”   

The difference in approach between the central Bank of Italy and the Federal Reserve (Fed) is clear, and it is perhaps no coincidence that the U.S.A is flatteringly becoming one of the liveliest, active and supportive countries in the virtual currency landscape.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bitcoin-useless-risky/