Italian Bank Warns About P2P Bitcoin Services

- While many large organizations around the world are gradually accepting Bitcoin as a groundbreaking asset, the Italian Bank has issued a strong critical stance. Their November 2024 report calls P2P Bitcoin services "crime as a service" due to the potential to exploit legal loopholes.

- Unregulated P2P platforms and informal exchange networks are criticized for avoiding KYC and AML regulations, facilitating illegal activities.

- The report also highlights challenges from the decentralized finance (DeFi) system in combating money laundering, emphasizing the complexity in monitoring without intermediaries. 🏦

- Despite new solutions like Zero-Knowledge Proofs, the Italian Bank believes they are not sufficient for continuous monitoring of suspicious activities.