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Bank of Italy Calls Bitcoin P2P Services ‘Crime-as-a-Service’ Amidst Growing Acceptance

While major institutions worldwide are gradually embracing Bitcoin, recognizing its potential as a transformative asset and even integrating it into their corporate treasuries, the perception of the cryptocurrency remains far from universally positive. Amid this growing institutional adoption, the Bank of Italy has taken a notably critical stance. In its Economic and Financial Occasional Paper, it labeled Bitcoin peer-to-peer (P2P) services – widely celebrated for their accessibility – as “crime-as-a-service.” Bank of Italy Raises Red Flag on Bitcoin P2P The Bank of Italy’s report from November 2024 highlighted the growing role of Bitcoin peer-to-peer (P2P) services as tools for money laundering in jurisdictions with weak regulations. These services, described as “crime-as-a-service,” exploit regulatory loopholes, allowing illicit actors to obscure the origins of illegally obtained funds. The 131-year-old financial institution targeted unregulated P2P platforms and informal exchange networks, in particular, that evade traditional Know-Your-Customer (KYC) and Anti-Money Laundering (AML) protocols and end up creating pathways for illegal activities. These methods enable criminals to bypass the scrutiny of centralized financial intermediaries by leveraging the pseudonymity of blockchain transactions. Regulatory Gaps The Bank of Italy’s report also highlighted the challenges posed by decentralized financial (DeFi) systems in combating money laundering. While centralized finance (CeFi) platforms can be regulated similarly to traditional financial institutions, their decentralized counterparts, on the other hand, operate without intermediaries, making oversight far more complex. The pseudonymity inherent in blockchain technology allows users to engage in transactions through unlinked addresses, effectively concealing their identities. This has sparked a debate between those who praise blockchain for its transparency and immutability and critics who highlight its potential for abuse. The report points to emerging solutions like Zero-Knowledge Proofs (ZKP), which enable selective disclosure of information to mitigate illicit activities without compromising user privacy. However, these innovations, though promising, fall short of providing the continuous due diligence necessary to identify suspicious activities systematically, as per the Bank of Italy. The post Bank of Italy Calls Bitcoin P2P Services ‘Crime-as-a-Service’ Amidst Growing Acceptance appeared first on CryptoPotato . TipRanks

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Donald Saves Crypto (DONALCRY) Solana Memecoin to Surge 18,000% Before Exchange Listing, As PEPE, WIF and SHIB Underperform

Donald Saves Crypto could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Donald Saves Crypto (DONALCRY), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days. This is because DONALCRY is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Donald Saves Crypto can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days. Early investors in SHIB and DOGE made astronomical returns, and Donald Saves Crypto could become the next viral memecoin. Donald Saves Crypto launched with over $8,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains. How to Buy To buy Donald Saves Crypto on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Donald Saves Crypto by entering its contract address – Gyy3ss5Yj2ioZWuz6BNbDPGUGUxhwoCskRuU2cGo9k2Q – in the receiving field. If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others. In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price. If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner. The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum. This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like DONALCRY. Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price. TipRanks