(Finance) – “La diffusion of cryptoactivity requires attention from the authorities, also for their extensive use for illegal purposes. So far, the irregularities and failures that have involved crypto operators and markets have had limited impacts on the financial system, thanks to the separation between the two areas. However, the situation is evolving differently in the various countries, raising complex issues. ” Fabio Panettaintervening at the 31st congress of financial market operators, organized in Turin by Assiom Forex.
The Governor pointed out that “in the United States, in the absence of specific legislation, the supervision authorities of the markets in recent years have intervened to limit the most risky developments, while leaving the opportunity to integrate cryptactivity in the financial system open. The new administration, on the other hand, is oriented to support the spread of cryptoactivity“.
“The regulatory differences between the United States and Europe will be carefully evaluated, once the guidelines of the American authorities are defined, to understand its effects internationally – he added – in this field the regulatory referees may be particularly insidious And difficult to counter: some operators could exploit the regulatory differences to adopt opaque or highly risky practices, with possible consequences on savers and the integrity of the financial system.
But the risks related to cryptoactivity “do not derive only from regulatory divergences – said Panetta – it cannot be excluded that one or more cryptoactivity, including those with electronic money characteristics, come emitted by technological giants And they start spreading in Europe “.
“If these private payment means, easily integrated into commercial platforms with billions of users, should spread widely, the consequences could be relevant – he explained – the Commercial banks would risk losing an important part of their functions. In the public debate, it is sometimes claimed that the introduction of the digital euro would entail this risk, ignoring that the real threat comes from cryptoactivity, for which – unlike the digital euro – there are no limits to detention by savers ” .
Finally, “central banks, responsible for the proper functioning of the payment system, would find themselves in a context in which few private subjects, perhaps foreign, would have such a relevant role as to compromise stability of the system in case of accidents. The risks for the payment system and financial markets would therefore be considerable, “he concluded.