In line with the previous warnings published in 2015, the main aspects highlighted by Bank of Italy are:

• the loss of the amount used to buy virtual currencies, which may be due to malfunctioning, cyber attacks and loss of the password of the relevant e-wallet;
• the absence of legal and contractual protection;
• the lack of transparency and safeguards; and
• the risk associated with the use of virtual currencies for criminal activities, including money laundering.

The Bank of Italy also shared the warning published by the European Banking Authority, the European Securities Markets Authority and the European Insurance and Occupational Pensions Authority in February 2018 and summarised the risks highlighted therein.