Bank

Bitcoin

<p>The Bank of Italy is set to publish its crypto guidelines, marking a crucial step in the implementation of the European Union’s MiCA regulation. In a statement that is already causing a stir, Governor Fabio Panetta questions Bitcoin’s status as currency, raising fundamental questions about the future of cryptos in the country.</p>
<h2 id="h-a-rigorous-implementation-of-the-european-framework">A rigorous implementation of the European framework</h2>
<p>The Bank of Italy is committed to developing detailed guidelines to implement the MiCA regulation. Indeed, in his July 9 speech to the Italian Banking Association, Fabio Panetta highlighted the dual ambition of these guidelines: ensuring a rigorous implementation of MiCA and strengthening the protection of crypto users.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The Italian regulator <a href="https://cointelegraph.com/news/italy-crypto-guidelines-coming-within-days-central-bank-governor?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound" target="_blank" rel="noopener noreferrer nofollow">establishes</a> a crucial distinction between two categories of tokens meeting the payment criteria:</p>
<ol>
 <li>Asset-Referenced Tokens (ART): These tokens are indexed to a basket of diversified assets, aiming to offer increased stability.</li>
 <li>Electronic Money Tokens (EMT): These tokens are supported by a single official currency, making them preferable for everyday transactions.</li>
</ol>
<p>Panetta emphasizes that only EMTs, whose value is directly tied to fiat currency, can “fully assume the role of a means of payment while maintaining public trust.” He considers these tokens as the most suitable for fulfilling this function.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-a-cautious-approach-to-the-challenges-of-the-crypto-sector">A cautious approach to the challenges of the crypto sector</h2>
<p>The Bank of Italy maintains an increased vigilance towards <a href="https://www.cointribune.com/en/bitcoin-should-not-fall-further-and-could-rebound-according-to-bitfinex/" target="_blank" rel="noopener noreferrer nofollow">decentralized cryptos</a> such as Bitcoin and Ethereum. Panetta thus highlighted the potential challenges, emphasizing the risk of using these assets to circumvent tax regulations and anti-money laundering measures.&nbsp;</p>
<p>He argues that these cryptos do not gather the essential attributes to fulfill the three fundamental functions of money: medium of exchange, store of value, and unit of account.</p>
<p>As part of its regulatory strategy, Italy already plans a range of deterrent sanctions. Offenses, ranging from market manipulation to insider trading, could be punished with fines of up to 5 million euros.</p>
<p>Nevertheless, despite this cautious approach, Italy remains receptive to financial innovation. Thus, the Central Bank launched an ambitious program last year aimed at familiarizing Italian financial institutions with the concepts of decentralized finance (DeFi) and tokenized assets.</p>

The Bank of Italy Challenges Bitcoin!

Table of Contents

Cointribune EN

Alte articole publicate pe 10 iul. 2024

Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

Ripple Moves 150 Million XRP Tokens

SHIB Long-Term Holders Gain Confidence Amid Exchange Exodus

Dogecoin Whale Says This Altcoin Trading At $0.01831 Is “Digital Gold,” Here’s Why

Ethereum (ETH) Sets Major Staking Milestone: Details

Goldman Sachs Expands Crypto and Tokenization Initiatives

Join our free newsletter for daily crypto updates!