In its report on financial stability, the Italian Bank again alerts the risks linked to the integration of cryptos in the traditional financial system. Although these concerns are not new, it highlights increased vulnerabilities for global markets due to the extension of these links.
In short
- The Bank of Italy warns the systemic risks of cryptos in the traditional financial system.
- The capitalization of the Crypto market has reached $ 2,750 billion, exacerbating the vulnerabilities of the global markets.
- Donald Trump's pro-Crypto policy has strengthened the attraction of cryptos, especially within large American companies.
- Despite concerns, some Italian banks, such as Intesa Sanpaolo, adopt the crypto while remaining cautious.
Crypto: a delay bomb for global financial stability
The Italian Bank points to systemic risks linked to crypto volatility, regulatory gaps and market contagion potential. The rise of cryptocurrencies, including Bitcoin, and stablecoins contributed to an explosion of the capitalization of the global digital asset market, which reached $ 2,750 billion in late March 2025. However, the Bank Alert on the dangers of greater integration of cryptos in traditional financial systems.
One of the major concerns in this report is the growing influence of stablecoins, mainly those backed by the US dollar, such as the USDT (TETHER) and the USDC (Circle). These currencies could, according to the Bank of Italy, compromise the monetary sovereignty of the European Union and harm the stability of the payment systems of the euro zone.
The impact of Donald Trump's policy
THE Report published on April 28 Also highlights the effects of Donald Trump's pro-Crypto policy. Since his election, the current American president has taken measures favorable to the Crypto industry, in particular by reducing surveys on companies in the sector and organizing crypto events in the White House. These decisions have strengthened the appeal of digital assets, in particular with large companies, ETFs and business treasures.
In addition, the concentration of crypto power in the hands of a few American companies is another source of concern. About 75 % of the total capitalization of Bitcoin is owned by American companies, which raises questions about governance and potential interest conflicts in this still young sector.
Italy in the face of crypto challenges
Despite these concerns, some Italian banks, such as Intesa Sanpaolo, engage in the world of crypto. The bank recently bought bitcoins and was involved in the development of blockchain bonds, which testifies to a desire not to turn its back on technology, while remaining cautious about its financial value.
This report by the Bank of Italy therefore highlights the global challenges of the Crypto market, where technological innovation and financial risks coexist. Although the bank insists on the dangers of the integration of cryptocurrencies, especially by calling into question the legitimacy of Bitcoin, it also recognizes their progress. Italy, prudent, adapts to developments while monitoring their global implications.
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