The Bank of Italy criticized the growing role of dollar-pegged stablecoins, warning they could become systemic, and raised concerns over non-financial corporations investing in Bitcoin.
The Bank of Italy identified Bitcoin and other digital assets as emerging risk factors in a recent report, citing concerns for both investors and the financial system.
In its April 2025 Financial Stability Report, the Bank of Italy flags crypto volatility and rising integration with the broader economy, singling out stablecoins and non-financial firms’ crypto exposure as key concerns.
“The strong growth of Bitcoin and of other crypto-assets with high price volatility means risks not only for investors but also potentially for financial stability, given the growing interconnections between the digital asset ecosystem, the traditional financial sector and the real economy,” the report notes.
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