The Bank of Italy warns that encryption assets pose a risk to financial stability.

[Italy’s Central Bank Warns That Cryptographic Assets Pose Risks to Financial Stability] The Bank of Italy pointed out in its April 2025 “Financial Stability Report” that: “The strong rise of Bitcoin and other highly volatile cryptographic assets not only means that investors face risks, but also poses a potential threat to financial stability due to the increasingly strong connections between the digital asset ecosystem and the TradFi sector and the real economy.” The report also noted that non-financial companies holding Bitcoin “expose them to significant price fluctuations” and warned that stablecoins pegged to the dollar “could pose risks if they become systemically important.”