Bitcoin (BTC) and Ethereum (ETH) Statement from the President of the Central Bank of Italy!

Fabio Panetta, member of the Governing Council of the European Central Bank and President of the Bank of Italy, At a conference held in Rome yesterday, the world’s two largest cryptocurrencies Bitcoin ve EthereumHe targeted.

Panetta speaking at the Annual Meeting of the Italian Banking Association He said that BTC and ETH lack intrinsic value.

Panetta stated that BTC and ETH were not issued by any organization and therefore lacked intrinsic value.

According to Panetta, BTC and ETH have no intrinsic value and cannot fulfill monetary functions.

Claiming that investing in Bitcoin and Ethereum is actually like gambling, Panetta said:

“Uncollateralized cryptocurrencies like Bitcoin and Ethereum have no intrinsic value, are sometimes traded in opaque circuits, and cannot perform monetary functions.”

Bitcoin and Ethereum do not have the characteristics that make them suitable for the three basic functions of fiat money: means of payment, store of value, and unit of account.

Without any guarantees and not backed by any real or financial assets, these assets are subject to high volatility and risk.

Moreover, these assets are often used for tax evasion or money laundering purposes.”

Panetta recently said that the Bank of Italy will The European Union’s cryptocurrency rules (MICA) It also announced that it would publish guidelines on how to implement it.

Panetta “The guidelines aim to protect crypto holders and ensure compliance with MiCA laws, potentially increasing scrutiny and penalties for market violations in Italy.” said.

*This is not investment advice.