Milano Finanza wrote about an important step by the ECB in the fight against cryptocurrencies. There is a strong need to submit to an authorization procedure as well as to checks in the various phases of these digital currencies. Argument also taken up by the president of Consob Paolo Savona. The ECB argues that the uncontrolled issuance of these currencies can impact the exercise of monetary policy, the regular functioning of the payment system, the role and balance sheet of banks and, ultimately, monetary and financial stability. For this reason, the ECB requests the introduction of its own binding opinion on the issues in question. The ideal would be to intervene with authorizing powers to enter the market, but also with supervisory powers and specific controls also accompanied with sanctioned attributions up to expulsion from the market. Basically, well beyond a veto power on the operation of cryptocurrencies. It is necessary to provide for an organic supervision that covers all the phases: antecedent, concomitant and repressive. In the first place there must be the protection of savings in all its forms and the correctness of transactions. Then there are problems of privacy and, more generally, of confidentiality. Naturally, legislation of this kind requires that similar disciplines be adopted in the other main monetary areas to avoid regulatory and supervisory arbitrage. It would be right for the topic to be addressed in international organizations, financial and otherwise, starting with the G20 of which Italy is now the presidency. The introduction of taxation regimes should be linked with a contextual general regulation. A reflection on the role of central banks, especially now that a review of monetary policy has been promoted by the ECB, is fundamental. As well as the need to review the structure and functions of the European authorities in banking, financial, insurance and market matters. A European reform of the sector would also be desirable to stimulate the review in Italy of the powers of the main authorities in the field of credit and savings, rearticulating the tasks for different functions: stability; fairness, transparency and diligence; competition.
