Governor of Banca d’Italia: 'The spread of crypto-assets requires the attention of the authorities'

Cryptocurrency transactions are recorded on public blockchains, which makes them more traceable than traditional financial transactions that often rely on less transparent banking systems. For instance, Bitcoin transactions are permanently stored on a transparent ledger, allowing authorities to track illicit activities. This was evidenced in 2021 when U.S. law enforcement recovered $2.3 million in Bitcoin from the Colonial Pipeline ransomware attack, as reported by Reuters. In contrast, illicit funds within traditional financial systems can be obscured through shell companies and layered bank transfers, complicating detection efforts.

Panetta is also a former member of the European Central Bank’s Executive Board, according to Banca d’Italia's website. He has held significant roles in financial regulation and monetary policy, contributing to discussions on digital currencies, banking supervision, and financial stability. Before leading Italy’s central bank, he served as senior deputy governor of Banca d’Italia and played a crucial role in shaping European financial policy.

Banca d’Italia serves as Italy’s central bank with responsibilities including monetary policy, financial stability, and banking supervision within the Eurosystem framework. According to its website, it operates under the European Central Bank (ECB) framework and regulates Italy’s financial sector by ensuring compliance with EU banking regulations. The bank also oversees payment systems, implements anti-money laundering measures, and contributes to developing digital finance policies.