Fabio Panetta, an Italian member of the ECB's Executive Board, stated at the 22nd Annual Conference of the BIS (Bank of International Settlements) that "the cryptocurrency ecosystem is riddled with market failures and negative external factors," and that "it is destined to experience further turbulence unless adequate regulations are put in place." "Cryptocurrencies have been promoted as decentralized alternatives to traditional financial services that promise greater resilience. The reality, however, is that they have not kept their promises. Because of their limitations, cryptocurrencies have not evolved into an innovative and robust form of finance, but have instead become a form of deleterious finance," said Panetta, who could succeed Ignazio Visco as governor of the Bank of Italy.