Italian Economy Minister: Central Banks Have “Considered Issuing Cryptocurrencies”

The economy minister of Italy has revealed that a number of central banks have already considered issuing cryptocurrencies in order to dodge bubbles.

It was reported by Reuters that Pier Carlo Padoan said at an event in Milan that was held today that “some central banks are looking into, and have even considered issuing, cryptocurrencies, to avoid bubbles that explode and do damage sooner or later.”

The interest in cryptocurrencies such bitcoin has soared over the previous year, with bitcoin itself increasing around 1,900 percent over last year to a high of almost $20,000. Some analysts warned that the digital currency was a bubble that was not sustainable. Its price has already almost halved from the all-time high that was achieved last December.

At around 2 in the afternoon, Bitcoin was trading at $10,266 per coin, having dropped after Facebook said that it would ban advertisements for bitcoin and other cryptocurrencies days after the financial watchdog of the United Kingdom warned regarding online digital currency scams.

Read more: Adverts for Bitcoin, Cryptocurrencies, Binary Options, and Initial Coin Offerings Banned by Instagram and Facebook

Regulators have had a difficult time to keep up with the fast-paced world of digital currencies.

This week, South Korea established new rules in place in order to ban the use of anonymous accounts for trading in an attempt to crack down on fraud.

Read more: Price of Bitcoin Falls as South Korea Cryptocurrency Ban of South Korea on Anonymous Accounts Comes into Force