Cryptocurrencies, Visco raises the alarm: Risks uncontrolled dissemination

The governor of the Bank of Italy warns of the "dangers associated with digital activities" that can favor illegal transactions. President Abi Patuelli: "The innovations represent great opportunities to be seized". But beware of the "war without borders" of computer piracy

21 Oct 2021

L. O.

"On the subject of crypto-assets, the Bank of Italy pays particular attention to limiting the risks that can derive from an uncontrolled diffusion of these instruments, whose market capitalization at global level has tripled in 2021, reaching 2,500 billion dollars" . This was stated by the governor of the Bank of Italy, Ignazio Visco, in his speech at the World Day of Savings Acre 2021. "We have informed Italian citizens - he continued - about the dangers associated with those digital activities which, by their nature, have an unstable value and can also favor illegal transactions ".

The path towards the digital Euro

ABI president Antonio Patuelli also spoke on the subject: "The new international, European and national regulations must not further complicate the already very heavy commitments of the banks - he said during the World Savings Day -. "Basel 3+ must be implemented uniformly in the various parts of Europe. We appreciate the foresight, wisdom and balance of the ECB in building the digital Euro which will be a new frontier of progress ".

As for the technology in the sector, he adds, “the innovations represent great opportunities to be seized” but the risks of computer piracy must be managed “which is growing in a war without borders. Banks in Italy are very busy - continues Patuelli - for legality, including cyber issues and against all forms of money laundering “. And on this last point he reiterates: "The new European Anti-Money Laundering Authority will be able to find its most suitable seat in Italy".

The ABI president then returns to the new European legislation on credits, disputed in recent months. "It was not easy, it is not easy, especially with the pandemic, to apply the new rules on the definition of default and on the loan deterioration calendar: the commitment of banks and those who work there is to apply rigorously and promptly always also these rules, staying close to customers, informing and assisting them in maximum and dutifully mutual transparency ".

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