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Italy's Central Bank Warns About Bitcoin Risks

Italy's Central Bank Warns About Bitcoin Risks

Italy's central bank, Banca d'Italia has send out an official warning letter, where they tell the citizens of Italy about the risks of investing in Bitcoins, as well as how it may be used to perform illegal activities. They warn about the potential risks of losing funds by investing, selling or using Bitcoins as a currency.

The bank also warns about the financial stability of Bitcoins and other cryptocurrencies, telling Italians that they offer no sort of protection towards the value of them. Despite warning so much about the cryptocurrencies, the bank still continues to allow the usage of them in the country.

In a country that struggles with a large portion of the citizens not paying taxes, money laundering and black money in circulation, it is understandable that Italy is not happy about cryptocurrencies. However, sending out a warning this way doesn't discourage the right people, but instead the common person which could actually benefit from cryptocurrencies.

“At a European level, there has been a widespread consensus on whether to establish a harmonized framework in the field of virtual currency,” Banca d'Italia said in a statement and added “Currently, in case of loss of units of Bitcoin (eg theft from hackers, closure of the exchange platforms at which they are held), users are free of forms of protection.”

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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