italy

According to Cointelegraph, the Governor of the Bank of Italy, Fabio Panetta, stated that commercial bank money and central bank money will continue to serve as the cornerstones of the monetary system, while stablecoins can only play a supplementary role. He pointed out that the stability of stablecoins ultimately depends on their peg to fiat currencies, which limits their ability to operate independently within the financial system.Panetta believes that payments have become a core strategic competitive area for banks; against the backdrop of the global economic shift towards technological power and a diverging geopolitical environment, digital finance poses pressure on banks. The Bank of Italy maintains a cautious stance on stablecoins.The Deputy Governor of the bank had previously warned that "multi-issuer stablecoins" issued across multiple jurisdictions could pose legal, operational, and financial stability risks to the EU, and therefore should be restricted to regions with equivalent regulatory standards and subjected to strict reserve requirements.

According to Cointelegraph, the Bank of Italy simulated an extreme scenario where the price of Ether drops to zero, to demonstrate how the market risks of Ethereum's native token could translate into infrastructure and financial stability risks.In a new research paper titled "What If the Price of Ethereum Drops to Zero? How Cryptocurrency Market Risks Evolve into Infrastructure Risks," the bank's economist Claudia Biancotti explores how extreme shocks to the price of Ethereum could impact the cryptocurrency market. She believes that a portion of validators may rationally exit to slow down block production, weakening Ethereum's ability to withstand certain attacks and ensure timely final settlement of transactions.

The Italian Ministry of Economy announced that it has initiated an "in-depth review" of the current risk prevention mechanisms related to cryptocurrency investments, aiming to assess whether the protections for retail investors in the process of directly or indirectly investing in crypto assets are adequate.This decision was made by the Macroprudential Policy Committee, which consists of the Bank of Italy, the market regulator Consob, the insurance and pension regulator, and the Ministry of Finance. Regulators have warned that as crypto assets become increasingly intertwined with the traditional financial system and the issue of fragmented international regulation intensifies, their potential risks may further rise. Currently, the overall economic and financial situation in Italy remains stable, but it faces high global uncertainty.

ChainCatcher news, according to Bloomberg, after discovering differences in the implementation of cryptocurrency regulations across countries, the financial regulators of France, Austria, and Italy urged the EU's top regulatory body to directly oversee large cryptocurrency companies and tighten relevant rules.The EU will implement the Markets in Crypto-Assets Regulation (MiCA) by the end of 2024, requiring cryptocurrency companies to obtain a license in at least one EU member state to operate across the entire EU. In a position paper released on Monday, the financial market regulators of the three countries stated that this approach exposes "significant differences" in the regulation of companies across countries, allowing businesses to exploit loopholes, and suggested transferring oversight of the industry's largest firms to the European Securities and Markets Authority (ESMA). They also noted that the initial implementation of MiCA has shown limited convergence in regulation, making it difficult to ensure uniform EU standards. An ESMA spokesperson responded that they are working to ensure regulatory consistency and had already suggested reconsidering areas for strengthening EU-level regulation last year. Additionally, the three regulators may take precautionary measures to mitigate risks and called for enhanced regulation of global platforms, cybersecurity, and token issuance.

ChainCatcher news, according to Cointelegraph, Fabio Panetta, the Governor of the Bank of Italy, pointed out in the annual report on May 30 that the EU's Markets in Crypto-Assets Regulation (MiCA) has had limited effects on promoting the adoption of compliant stablecoins. Since the regulation comes into full effect at the end of 2024, only a small number of electronic money tokens (EMT) stablecoins have been issued across the EU, and Italian regulators have not observed significant interest from local companies in issuing crypto assets.Panetta believes that regulatory rules alone cannot mitigate the systemic risks of crypto assets, and central bank digital currencies (CBDCs) are the key tool. He warned that foreign crypto platforms may lack transparency and risk control capabilities due to differing regulatory standards, posing a threat to the safety of funds for EU citizens, and that a global regulatory framework needs to be established through international cooperation.The digital euro project can meet the market's demand for secure and efficient digital payment tools while maintaining the anchoring role of central bank money. This view echoes the assertion of ECB Executive Board member Piero Cipollone—currently, dollar stablecoins hold a 97% market share, and the promotion of central bank digital currencies is urgent.One month before this statement was released, Tether CEO Paolo Ardoino refused to apply for MiCA licensing for USDT, citing "threats to the European banking system."

ChainCatcher news, 37-year-old American cryptocurrency investor John Woeltz and a 24-year-old suspected female accomplice have been accused of illegally imprisoning and torturing a 28-year-old Italian businessman in a luxury apartment in Manhattan, New York, for over two weeks in an attempt to obtain his financial account passwords. The victim arrived in New York on May 6 and met with John Woeltz, with whom he had previously conducted business, and was subsequently stripped of his passport and subjected to abuse including electric shocks, drug coercion, and chainsaw threats.It is reported that the police found multiple Polaroid photos of the victim being bound and tortured at the scene, as well as firearms, chainsaws, and other tools. The victim ultimately escaped on May 23 and called the police. John Woeltz has been charged with first-degree kidnapping, unlawful imprisonment, assault, and illegal possession of weapons, among other charges.

According to ChainCatcher, Bloomberg reports that European Central Bank Executive Board member Piero Cipollone stated that Poste Italiane may become a partner for the rollout of the digital euro in Italy.Poste Italiane is currently one of the 70 institutions participating in the digital euro pilot project. Cipollone revealed that the technical preparations for the digital euro are "progressing rapidly and on schedule," and if the legislative process goes smoothly, the first transactions could start in mid-2028. In addition to postal services, Poste Italiane also offers financial services including bank accounts and payments.

ChainCatcher news, the Bank of Italy pointed out in its April 2025 "Financial Stability Report": "The strong growth of Bitcoin and other highly volatile crypto assets not only means that investors face risks, but also poses a potential threat to financial stability due to the increasing connections between the digital asset ecosystem and the traditional financial sector and the real economy." The report also noted that non-financial companies holding Bitcoin "expose them to significant price volatility," and warned that dollar-pegged stablecoins "could pose risks if they become systemically important."

ChainCatcher news, according to Cointelegraph, Italian Finance Minister Giancarlo Giorgetti warned that U.S. stablecoin policies pose a greater threat to European financial stability than Trump's tariffs, potentially undermining the euro's dominance in cross-border payments. He urged the EU to strengthen the international position of the euro, emphasizing the importance of a digital euro.

ChainCatcher news, according to Unionesarda, Brendan Blumer (BB), CEO of Block.one (the parent company of Vaulta, formerly EOS Network) recently purchased the Romazzino villa for nearly 170 million euros. Excluding the Villa Certosa, this transaction is the highest in the history of real estate in Sardinia and even Italy.The media revealed that the luxury villa purchased by Brendan Blumer is one of the most luxurious properties on the Costa Smeralda, formerly owned by Saudi Arabia's former oil minister Ahmed Zaki Yamani. The villa boasts 350 meters of coastline, covers an area of 2.3 hectares, and features 28 bedrooms, 35 bathrooms, spacious terraces, two private beach entrances, two exclusive docks, three swimming pools, and approximately 23,000 square meters of gardens and facilities.

ChainCatcher news, PwC Italy is collaborating with blockchain consulting firm SKChain Advisors to develop a digital identity product for the European Union. This product is being developed on the World Mobile Chain and will utilize Self-Sovereign Identity (SSI) technology. It is reported that SSI is a form of decentralized identity that allows users to have full control over their data instead of handing it over to third parties.

ChainCatcher news, according to Cointelegraph, Italian Central Bank Governor Fabio Panetta stated at the 31st Assiom Forex Conference that the Italian central bank is engaging in dialogue with the securities regulator Consob and cryptocurrency service providers to ensure they have adequate risk mitigation measures in place.Panetta pointed out that there are differences in cryptocurrency regulation between Europe and the United States. The European Union adopts the MiCA framework to protect investors, while the United States regulates on a case-by-case basis according to the nature of the assets. The Italian central bank will focus on managing strategic, operational, financial risks, and anti-money laundering, while also being vigilant about the potential impact of tech giants issuing digital tokens on the traditional banking system.

ChainCatcher news, according to Voachinese, the Italian Data Protection Authority has launched an investigation into the Chinese startup DeepSeek's AI chatbot and has stated that it has prohibited the company from processing data of Italian users.The Italian Data Protection Authority stated that after inquiring about the company's use of personal data, the response received was "completely insufficient," leading to the decision to take action.In a statement, the agency announced that it has ordered "the urgent and immediate restriction of Hangzhou DeepSeek AI and Beijing DeepSeek AI from processing data of Italian users, as they are the Chinese companies providing DeepSeek chatbot services." The statement also indicated that an investigation has been initiated by the authorities.

ChainCatcher news, the Italian green energy company Enel Group has partnered with cryptocurrency wallet provider Conio to announce the launch of a solar panel tokenization product on the Algorand blockchain. This tokenization product will allow Italians to own a portion of Enel's solar power plants and use the generated electricity to offset their residential electricity consumption.Enel will manage the solar panels on behalf of partial owners and adjust actual energy production to help reduce electricity bills. Algorand Foundation CEO Staci Warden stated that with tokenized real-world assets (RWA), the offset of electricity usage "is independent of the place of residence." The project provides residents with a new way to manage energy consumption.

ChainCatcher news, according to Bitcoin News, Italian MP Marcello Coppo stated that if the United States establishes a Bitcoin strategic reserve, it is not far-fetched for other countries to follow suit.However, he believes that Italy does not have the conditions to establish such reserves in the coming months.

ChainCatcher news, Tether CEO Paolo Ardoino posted on social platform X that he will give a speech at the AI Week event in Italy in May, introducing Tether's AI strategy centered on personal freedom of speech and financial freedom. This strategy focuses on open source, peer-to-peer technology, and privacy protection.Ardoino stated that he will reveal the true state of disruptive technologies such as artificial intelligence, robotics, and brain-computer interfaces, and explore some future scenarios that have been obscured due to "good intentions."

ChainCatcher news, according to Cointelegraph, the Italian data protection authority has fined OpenAI $15.7 million (€15 million) after investigating data collection related to OpenAI's flagship artificial intelligence model, and has ordered the ChatGPT manufacturer to conduct a six-month public awareness campaign.The Italian Data Protection Authority (IDPA), also known as Garante, stated in a declaration on December 20 that its investigation found OpenAI did not report a data breach that occurred in March 2023 to the agency.The supervisory body stated that OpenAI also "processed users' personal data" to train the chatbot but did not first establish "sufficient legal grounds" for this action, violating the "principle of transparency and the obligation to provide relevant information to users."

ChainCatcher news, according to Jinshi reports, OpenAI stated that it will appeal the decision of the Italian regulatory authority, which the authority's decision is "unreasonable."

ChainCatcher news, according to Reuters, Italy's ruling party stated on Tuesday that after criticism from affected industries and internal debates within the Minister of Economy's party, Italy will scale back its plans to increase capital gains tax on cryptocurrencies. Giulio Centemero, a member of the ruling League party, and Deputy Minister of Finance Federico Freni said in a statement: "During the parliamentary work, the tax increase will be significantly reduced."Previously, according to the country's 2025 budget, which is set to be approved by parliament by the end of December, the Ministry of Finance intended to raise the capital gains tax rate on cryptocurrencies like Bitcoin from 26% to 42%. However, the League party stated that this move could promote the development of the shadow economy. On Tuesday, Centemero and Freni said: "Do not hold biases against cryptocurrencies anymore." Political sources indicated that the government may even decide to maintain the tax rate at 26%.

ChainCatcher news, according to Bloomberg, informed sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to reduce the tax increase on cryptocurrency transactions.A copy of the proposal shows that as the junior partner in Meloni's ruling coalition, The League has proposed an amendment to cap the tax rate on crypto transactions at 28%, while the budget proposed last month initially suggested an increase to 42%. The current tax rate is 26%. Cryptocurrency executives have stated that the proposed rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the EU, known as "MiCA," by the end of this year.Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for earnings of €2,000 ($2,120) or less.