Manager of the Bank of Italy: "We study the potential of DLT in the field of payments and calculations" – Bits Media

The manager of the bank of Italy reported, that the regulator studies new methods of blockchain integration and distributed registry technology (DLT) In payment systems.

Inycio Visco (Ignazio Visco) told, that now the Central Bank is preparing for the entry into force of the law on regulation of cryptocurrencies in the European Union (MiCA). The regulator is studying: How to increase the level of security of the financial system with the help of DLT and protect the confidential data of customers. Visco called the main advantages, with which DLT technology can improve the payment system: economical international transactions and faster financial calculations.

In the fall, the Italian Central Bank announced his readiness to test DLT in banking, financial, insurance and payment services. The initiative was aimed at more efficient calculations and risk management, as well as the creation of legal norms for operations using blockchain. Visco noted, that the bank of Italy received 56 proposals from 81 potential participant in the test, including from other European countries and Southeast Asia. In December, the regulator chose Algorand blockchain applicants, on the basis of which a platform for banking and insurance markets is now being created.

To develop a single European international standard for the safe use of DLT, the Central Bank cooperates with the commission for companies and exchanges in Italy (Consob), as well as with the Ministry of Economics and Finance. The Italian Bank also interacts with the Basel Committee, Discussing possible approaches to a reduction in banking risks when using crypto assets. The Italian regulator also helped the Council for Financial Stability to develop general recommendations for emitters of stablecoins, Says the manager. These principles are planned to be published in the middle 2023 of the year.

Injacio Visco called for the creation of regulatory rules, which would allow delimitations between tools with a high level of risk, not having an internal value, and tools, which can bring tangible profit.

In December 2022 the year of the authorities of Italy adopted the law, according to which traders are required to pay 26% Tukan was supposed to be engaged in investments and in five months to return crypto assets to Petrov with a profit, obtained from the trade of crypto actures.