ECB’s Panetta warns crypto losses can harm confidence in banks | The Mighty 790 KFGO
By Valentina Za
ROME (Reuters) -European Central Bank policymaker and Bank of Italy Governor Fabio Panetta called on Friday for close monitoring of the reputational risks banks face in providing crypto-asset services, warning that losses could harm the trust of customers.
Presenting the Bank of Italy’s annual report, Panetta warned about the growing links between the world of crypto-assets and the traditional financial system, pointing to the rising number of accords between banks and digital asset providers.
“Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products, with potentially negative repercussions for confidence in the credit system should losses occur,” Panetta…
