16 August 2019 15:02, UTC

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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 highlighted.According to department analysts, it is necessary to assess the risks of cryptocurrencies at the supranational level and develop predictable forecasts to protect Italy at a strategic level.The Security Guard of Italy sees a guarantee of security in cryptography. Its flagship in the country is De Componendis Cifris, led by a leading specialist in this field, professor of mathematics. There are currently 700 people in the association: university teachers, researchers, representatives of public-private partnerships.According to Professor Sala, the best and most promising way to counter frauds with cryptocurrencies is the use of blockchain with the elements of cryptography, digital user identity, and the inability of content changes.Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies