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.”

Daniel Allermand

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.  

Recent Posts

Professional investors skeptical about Bitcoin, a recent Bank of America survey says

Bank of America recently asked 200 professional investors with $533 billion in assets under management for their opinions on Bitcoin.…

11 hours ago

AXA Switzerland now offers Bitcoin as a payment method

Insurance provider AXA Switzerland announced that its Switzerland customers will now be able to pay their bills in Bitcoin (BTC).…

12 hours ago

DOGE “to the moon” as Robinhood faces more scrutiny

After yet another phenomenal rally surging 114% in the last 24 hours, Dogecoin (DOGE) hit an all-time high of $0.29.…

12 hours ago

“Bitcoin’s peak volatility is right on track to drop below fiat volatility”

There will come a time that Bitcoin will be less volatile than fiat money as money is being redefined. And…

2 days ago

GoldMan Sachs watching Bitcoin’s every move

Goldman Sachs is keeping a close eye on Bitcoin. In an earnings call on Tuesday, the bank’s Chief Executive Officer,…

2 days ago

Coinbase’s COIN is Live on Nasdaq, while Bitcoin and Ethereum jumped to new all-time highs

After months of intense build-up towards their big day, Coinbase finally listed on the Nasdaq with ticker COIN. And the…

2 days ago