Italy’ Central Bank governor indirectly says Bitcoin is gambling instrument

Ignazio Visco slammed all the cryptocurrencies, which don’t have clear issuers. 

Crypto trading is fully legal under the jurisdiction of Italy. Crypto exchanges can also easily secure regulatory approval in Italy. Under the jurisdiction of this country, cryptocurrencies and foreign currencies are treated similarly. As of 2022, there are 80 Bitcoin Kiosks in the country, which helps citizens to cash out crypto assets easily. Overall we can say Italy is a crypto-friendly country.

Recently in a short statement during G20 India, Governor of the Bank of Italy Ignazio Visco passed comments on cryptocurrencies and said that some cryptocurrencies are more similar to gambling instruments.

Indeed, Visco said that all Cryptocurrencies which don’t have a clear issuer are just gambling instruments. Which means every Cryptocurrency should have a dedicated backend team or company, that is not the case of Bitcoin.

Further, he said that we are trying to enhance the crypto regulatory approach but Cryptocurrencies can’t replace fiat currencies.

In the present time, the majority of the country’s Government agencies are in talks to bring an international crypto regulation framework, under the leadership of India. 

India & Crypto regulation

Over the past few years, India was not clear about the crypto regulation decisions. But under the current G-20 meetings, under its presidency, the Indian finance ministry showed that there is better room for crypto regulation & adoption.

In the last few months, Indian finance minister Nirmala Sitharaman passed several statements about the crypto regulation approach and noted that a single country can’t introduce a perfect version of the crypto regulation system. In short, the Indian finance ministry is trying to regulate the crypto sector with a collaborative approach with regulatory bodies of all other countries.

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