20/03/2018 The Bank of Italy warns consumers about the risks of virtual currencies

20/03/2018 The Bank of Italy warns consumers about the risks of virtual currencies

A press release of the Bank of Italy has been issued in recent days with regard to the risks associated with virtual currencies, which is reported below in full.
“Since January 2015, the Bank of Italy and the UIF (Unità di Informazione Finanziaria per l’Italia – Italy Financial Information Unit) have warned consumers and intermediaries about the possible risks associated with virtual currencies [1].

Among the various aspects highlighted, there are risks of permanent losses of the sums used for the purchase of virtual currencies due to malfunctions, cyber-attacks, loss of the password of the electronic wallet; lack of legal and contractual safeguards, information obligations and transparency safeguards, as well as forms of protection or guarantee of the sums used, given that the current regulations do not provide for specific forms of protection or legal guarantees of the Authorities. It has been also reported a risk associated with the use of virtual currencies for criminal and illicit purposes, including money laundering…”

Read all the press release


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