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An international agreement against cryptocurrencies and a roadmap for the digital euro

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Thus began the president of Consob, Paolo Savona, speaking at the Digital Week of Milano Finanza about Bitcoin and cryptocurrencies. “We are facing a form of counterfeiting of the sovereign currency of the states that responds to the needs of protecting democracy and savings, so in my opinion this is the situation”. The problem, he observes, is that “the authorities in general in the face of the phenomenon did not consider it sufficiently important. 12 years have passed and at this point the phenomenon has begun to reveal its substance. Now, today we have to tackle a situation that is also permitted by the authorities and mine is also a self-criticism ”, he said. It must be said, he added, that “the only legal currency is the official currency. If we want to keep the others alive then we have to specify rules of coexistence “. According to Savona, an international agreement is urgently needed, also because there is not only Bitcoin but also some platforms that “alter the market” and that “begin to grant credit without giving money but with cryptocurrencies created by the platforms themselves. It is no coincidence that we have reached 4-5 thousand cryptocurrencies in circulation. Therefore, they are also altering the credit market ”. In addition, “they are using cryptocurrencies for the derivatives market, something that doesn’t exist that becomes a guarantee of something that doesn’t exist. I understand that it is a complex mechanism, but the authorities are faced with a problem to be solved urgently ”. What is needed is a “highway code” for cryptocurrencies and it is necessary to “educate people to use them well, there can no longer be this attitude of benevolent inattention on the part of the authorities”. To solve the problem of cryptocurrencies in expansion “let’s focus on the system European monetary policy that must do what Panetta has studied and proposed, that is the digital Euro ”. Italy must start preparing “to welcome all institutions from a technological point of view, even Consob must prepare itself with an electronic center that manages all communications, the working mechanism must be profoundly changed”. Also because the digital euro is as safe as cash and has a precise path ahead, traced by Fabio Panetta, member of the Executive Committee of the ECB. A five-year long road: “the Governing Council of the ECB will decide in mid-July whether to launch the project, having analyzed the results of practical experiments already underway. If so, there will be a two-year period in which we will decide the real characteristics of the digital euro: how to design it, for example, to prevent it from crowding out bank deposits or even generating financial instability. If the outcome of the two years is positive, there will be three years for practical experimentation among citizens in specific areas ”.

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