Virtual Currencies and Regulatory Issues

The virtualization of payment means facilitated the birth of virtual currencies, developed until now in a deregulated context. The growing diffusion of virtual currencies has legal impacts on civil law matter, in relation to the fulfilment of pecuniary obligations through these currency schemes. Virtual currency is relevant from a regulatory angle too, with specific reference to the possible applicability of the regulation on payment systems, savings collection and investment services. The essay examines the regulatory framework currently implemented in Italy, introducing some critical issues concerning the opportunity to regulate in a uniform way equal (or similar) activities performed by different entities. This option should avoid the collateral negative effects of the circumventive innovation between incumbents (traditional intermediaries) and new operators.