Italian Financial Guard Warns of Cryptocurrency Risks

In the analytical report of the Italian Financial Guard, which functions as financial intelligence and tax police, the risks of cryptocurrencies are classified into four categories: financial, monetary, criminal, and confrontational. According to the department authorities, fraudsters are using cutting-edge technologies, insidious, diverse, and changeable methods. The report also discusses the illegal use of cryptocurrencies, starting with the legalization of proceeds of crime.

The method of countering the illegal circulation of cryptocurrencies, used by the Italian Financial Guard, is the disclosure of the anonymity of the operators, their localization, registration, and restoration of the chain of financial transactions. Among the mentioned criminal risks, the use of cryptocurrencies to finance fraudulent schemes, black market operations, money laundering, and terrorism are…