Bank of Italy: Creation of scriptural money by citizens

Italian Constitution, Article 1:

Italy is a Democratic Republic based on work.
The sovereignty belongs to the people, who exercise it in the forms and within the limits of the Constitution.

REVISED on June 6, 2017:

Italy WAS a Democratic Republic, and now it is based on slavery.

The sovereignty belongs to some very special people called BANKERS.

Bank of Italy warning to all citizens of the new realm:

Creation of scriptural money by citizens

Original text in Italian:  http://www.bancaditalia.it/compiti/vigilanza/avvisi-pub/creazione-moneta-scritturale/index.html

The Bank of Italy is receiving communications from some of the citizens attesting to the autonomous creation of "scriptural euros" and the use of the so-called "created" sums for the alleged payment of debts or to provide allegedly provision for subsequent transactions payment or issue of securities by the Bank of Italy itself (money order); The intake of these initiatives, even in limited numbers, coupled with the presence on the web of references to the economic theory of which they are applied, makes it necessary to publish some clarifications in order to avoid dangerous misunderstandings.

CREATION OF SCRIPTURAL MONEY BY CITIZENS -
Notice to the public

 
The Bank of Italy is receiving some Citizens communication that attests autonomous creation of "scriptural euros" and the use of sums so "created" for the alleged payment of Debts or to provide a presumed provision for successive payment transactions or for the issue of credit by the same Banca d'Italia (money order); The intake of these initiatives, even in limited numbers, coupled with the presence on the web of references to the economic theory of which they are applied, makes it necessary to publish some clarifications in order to avoid dangerous misunderstandings.
 
The "theory of the autonomous creation of scriptural money", drawing from the conception of Collective property of the money, comes to affirm that there is the possibility for every single citizen to Create self-contained "scriptural" money byproviding own accounting records for the amount corresponding to the sum due. Some advocates of these ideas, active on the web, provide specific modules to be used for the creation of "scriptural euros" and for the communication of the alleged payment to be addressed to creditors (banks, financial, Tax authorities, public bodies, suppliers, etc.) and, for Knowledge, to the Bank of Italy.

The Bank of Italy states above all that on the basis of the international and national legislation, the only one form of legal currency - that is, with the power o extinguishing the bonds in money - is the currency issued by the European Central Bank (ECB) since its creation is based on rigorous procedures that guarantee the overall confidence in currency and the stability of its value over time. The mechanism for creating a scriptural currency by a single citizen would be to replicate the so-called bank or scriptural currency, which means all the instruments managed and organized by banks and other entities authorized to provide payment services: checks, transfers, direct debits, cards (an explanation of what is and how to create money can be consulted on the ECB's website at: https://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.it.html).

It should be remembered that the provision of payment services through a written currency is a legally permitted activity exclusively for authorized entities such as banks, electronic money institutions, and payment institutions. These intermediaries are subject to supervision by the Bank of Italy to ensure sound and prudent management, overall stability and compliance with the rules (Article 5 of the Single Banking Act, Legislative Decree 385 of 1993) . According to the Single Banking Act (Articles 131-bis and 131-ter), the abusive issue of electronic money and the abusive provision of payment services constitute a crime.
The Single Banking Act (Article 146) also entrusts the Bank of Italy with the task of supervising the payment system as regards its regular operation, its reliability and efficiency, as well as the protection of users of payment services.

The Bank of Italy therefore warns that the autonomous creation of scriptural currencies has no legal basis and calls on citizens not to use such forms of "currency" without legal value and the power to extinguish the bonds in money.
Creditors can not accept these forms of "payment" and are authorized to activate the safeguards provided for by the law on default (start of recovery actions, application of penalties or default interest, etc.).
It follows that the write-off created by unauthorized persons can not even constitute the provision for payment transactions by authorized entities or the issue of credit certificates such as the money order of the Bank of Italy .

Citizens are therefore invited to carefully consider the negative consequences that the choice to use these forms of "extinction" of their debts may have on their economic situation.
 
The Bank of Italy - which closely follows the phenomenon - finally warns it that it will not follow any communication from individuals who presume to create and use scriptwriting currencies and which will evaluate possible legal initiatives both in terms of  potential destabilizing effects on the public economic order, as well as protecting own privileges. 

To inquire and deepen
On the concepts of legal and banking money and the role of the central bank, you can consult:- "What is a central bank" at the link https://www.ecb.europa.eu/explainers/tell-me/html/what-is-a-central-bank.it.html and "What is Money "at the linkhttps://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.it.html.

Bank of Italy didactic booklet devoted to currency and alternative cash instruments at the link  
http://www.bancaditalia.it/pubblicazioni/quaderni-didattici/moneta-scuola-secondaria-secondo-grado/LaMoneta_Scuola_secondaria-sg_pagSingole.pdf.pdf.

See the section on issues related to money issuance and the theme of seigniorageon this site  http://www.bancaditalia.it/compiti/emissione-euro/signoraggio/index.html , which also contains information on the rejection of judicial initiatives previously cultivated against the Bank of Italy in order to claim the collective property of currency and monetary income (so-called seigniorage).

See the section on the general theme of payment instruments
http://www.bancaditalia.it/compiti/sispaga-mercati/strumenti-pagamento/index.html

To know the "monetary aggregates", ie the amounts of money in the Italian system, you can consult the Bank of Italy's statistical publications at the link
https://www.bancaditalia.it/pubblicazioni/moneta-banche/