Italy Finance Committee leader on crypto: 'Concepts were not only unknown but were also misunderstood'

Giulio Centemero, the League Group Leader on the Italy Finance Committee, has highlighted misunderstandings surrounding crypto assets and stressed the need for broader education to clarify sector differences. His remarks were made during the 'Web3: Tecnologie per un Futuro Sostenibile' workshop posted on YouTube on February 13.

"It took a lot of culture to get there, because often many concepts were not only unknown but were also misunderstood," said Centemero, League Group Leader Finance Committee, according to YouTube. "We've seen in these months a lot of confusion between memecoins, some people talking about Bitcoin as if it were memecoin instead of calling it Bitcoin. This is also due the taxonomy that was set at the community level and consequently fell on all the states. We talk about crypto-assets, which is too broad a set, and so it's up to us, in my case, to learn because I know I don't know, and in your [experts] case, to explain and do a lot of dissemination even outside the classic Web 3 channels and especially in the mainstream, to explain that these are very different things."

According to Centemero, Web 3 holds significant potential, with upcoming initiatives in venture building and startup studios. He compared financial reform involving the "dematerialization of shares" to tokenization. Centemero said that misunderstandings partly arise from the "taxonomy set at the community level." He emphasized the importance of extending "outreach" beyond traditional Web 3 channels to educate mainstream audiences about NFTs, stablecoins, and other blockchain-based products.