Written Question: Impact of cryptocurrencies on money laundering and financial stability
Date submitted: 24 March 2021
Question for written answer E-001639/2021
to the Commission
Fabio Massimo Castaldo (NI), Chiara Gemma (NI), Mario Furore (NI), Isabella Adinolfi (NI), Sabrina Pignedoli (NI)
Subject: Impact of cryptocurrencies on money laundering and financial stability
The emergence and spread of cryptocurrencies, virtual money outside the traditional currency exchange system, raises serious questions as regards the risks of money laundering and financing of illegal activities and terrorism.
Wider use of cryptocurrencies could also have an impact in terms of systemic risks and financial stability. The reasons for this lie in some important factors, such as insufficient reserves linked to asset-backed crypto-assets and the possible manipulation of prices because of market illiquidity.
In light of these facts, and while waiting for the EU to define and then implement its legislation on crypto-assets and on the DLT pilot regime:
- What measures have been taken so far to combat money laundering, including from and to non-EU countries, and to combat financing of illegal activities and terrorism through cryptocurrencies?
- What safeguards exist and what checks have already been done to ascertain that the assets underpinning an asset-backed crypto-asset are really being held in a blocked account at an authorised custodian bank in the EU, and that the value of the underlying assets has been checked by a third-party auditor?
- What safeguards are in place to ensure that the spread of cryptocurrencies does not generate a risk of financial instability or of loss of monetary sovereignty, and that it does not weaken the role of the euro in international transactions?