Police in Italy have uncovered the largest stash of counterfeit euro coins in history.
The stash was discovered by chance at a Naples port while detectives were inspecting metal pipes. The coins apparently originated from China. Police say the Italy-China route is popular for smuggling counterfeit goods to Europe.
Investigators usually focus their efforts on uncovering counterfeit bills, which typically carry much higher value than coins.
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The discovery comes as the currency hovers near post-euro-crisis lows versus the dollar.
Authorities struggle to keep pace with counterfeiting technologies, which have kept pace with advanced countermeasures to this day. Authorities have had to resort to heavy deterrents- up to 20 years in prison plus penalties- in the absence of preventative measures to combat the practice. In theory, there is no end to the game of cat and mouse unless a different approach is taken.
The notion of electronic, cryptograghically secured fiat, perhaps in p2p form, may have more reason for consideration with central banks. Such a scheme, in theory, eliminates the possibility of counterfeiting.
Progress on regulation for “traditional virtual currencies” in the European Union has been slow, impeded by the objectives of multiple states, its low priority and a sentiment to follow the lead of other economies.