In its April Financial Stability Report, the Bank of Italy warned about the high volatility of cryptocurrencies and their lack of integration with the real economy and the traditional financial system.
In particular, the rapid growth of highly volatile assets such as Bitcoin goes beyond simply protecting investors and poses a potential threat to the entire financial system.
"The rapid growth and high price volatility are a threat not only to investors, but also to the growing connectivity between the digital asset ecosystem, the traditional financial sector and the real economy," the bank said.
The Italian central bank has specifically targeted bitcoin holdings by non-financial companies, warning that the strategy "coin could potentially increase stock prices and pose risks to financial stability."
However, this exposes the company to significant price volatility, which in itself can be a risk factor, he explained.
Strategy (formerly MicroStrategy) has been buying Bitcoin on a large scale since August 2020, signaling a trend of corporate cryptocurrency holdings.
He later took the lead in the development of Metaplanet and Semler Scientific.
Scientific, and GameStop followed.
The report cited dollar-pegged stablecoins as another significant risk.
In particular, if such tokens emerge as systemically important assets, they could lead to greater reliance on U.S. government bonds, creating vulnerabilities for the global financial system as a whole.
"If disruptions occurred in either stablecoins or their underlying assets, government securities, this could have a ripple effect on other sectors of the global financial system," the report said.
It was made clear.
2025/04/30 11:45 KST
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