In his latest speech as head of the Italian stock exchange regulator Consob, at the yearly meeting of Consob with the financial market, in Milan on June 20, Prof. Paolo Savona warned again of the danger represented by the “tokenization of assets,” i.e. cryptocurrencies. Savona dedicated the first part of his speech to the issue, complaining that regulators have the wrong approach, and suggesting how they should proceed.
“The most recent turmoil,” said Savona, “was caused by the movement of the telluric fault of cryptocurrencies underlying the traditional monetary and financial territory, with possible outcomes of unfathomable proportions. The risk has resurfaced under the pressure of the illusion of easy gains so well described by Carlo Collodi in Pinocchio’s Field of Miracles and has been fueled by the success achieved by those who have exploited the opportunity offered by the development of information technology.”
