As regards crypto-assets, the Bank of Italy is dedicated to limiting the risks that could arise from an uncontrolled spread of these instruments, whose market capitalization at global level tripled in 2021, reaching $ billion. We have informed the public about the dangers of these digital assets whose value is intrinsically unstable and that can also facilitate illegal transactions.
For assets that, instead, seek to maintain a stable value over time (known as ‘stablecoins’) and that, 3/7  BIS central bankers' speeches  given their characteristics, could be used to make payments, we are contributing to the discussions on defining a European regulatory framework that envisages, among other things, redemption rights and rules for ensuring the issuer’s ability to satisfy requests for reimbursement without having to make sudden sales of securities.