Bank of Italy announces guidelines on cryptocurrencies: what to expect?

Governor Fabio Panetta criticizes Bitcoin and Ethereum as Italy prepares to implement MiCA regulations.

Bank of Italy prepares to release guidelines on cryptocurrencies
In a recent announcement, Governor Fabio Panetta said that the Bank of Italy will soon publish guidelines on the implementation of European regulations on cryptocurrency markets, known as MiCA. These guidelines are eagerly awaited, as they will define how Italy intends to manage and regulate the cryptocurrency sector.

Criticism of Bitcoin and Ethereum
Panetta was highly critical of Bitcoin and Ethereum, calling them "unsecured crypto-assets" and lacking intrinsic value. He likened investing in these cryptocurrencies to a form of gambling, pointing out that their volatility and lack of tangible backing can pose a significant risk to investors.

The Role of Electronic Money Tokens (EMTs)
According to Panetta, only Electronic Money Tokens (EMTs) can function effectively as means of payment, maintaining public trust. This suggests a more cautious and regulated approach to cryptocurrencies, particularly those that have no real-world backing. Thus, the BoI seems to be moving toward promoting more secure and controlled forms of digital currency.

Investors and market surveillance
Although the number of investors in unsecured cryptocurrencies is currently low, Panetta warned that it could increase. This has prompted the Italian government to plan for increased oversight of cryptocurrency markets. The new regulations could result in significant penalties, with fines ranging from 5,000 to 5 million euros for violations such as market manipulation.

Conclusions and future prospects
The Bank of Italy's guidelines are an important step toward clearer and safer regulation of cryptocurrencies in the country. By implementing MiCA regulations, Italy could set a precedent for other European countries. However, Panetta's criticism of Bitcoin and Ethereum raises questions about the future of these cryptocurrencies in the context of an increasingly regulated market. How will investors react to these new regulations? And what will be the implications for the cryptocurrency industry in Italy and Europe? Only time will provide answers to these questions.