意大利銀行擔心加密貨幣的重要性日益嚴重

意大利銀行擔心加密貨幣認為數字貨幣對金融穩定的威脅，他們擔心加密貨幣的重要性日益增長。

The Bank of Italy has expressed its worries over the growing importance of cryptocurrencies, considering the digital currencies a threat to financial stability in a year when President Donald Trump of the United States has aligned himself with the bitcoin industry.

意大利銀行對加密貨幣的日益重要性表示擔憂，考慮到數字貨幣對美國總統唐納德·特朗普（Donald Trump）的一年中對金融穩定的威脅使自己與比特幣行業保持一致。

As the world's financial institutions are coping with the fallout from the Covid-19 pandemic, there has been a growing divergence in global financial perspectives.

隨著世界金融機構應對COVID-19大流行的後果，全球金融角度的差異越來越大。

The U.S. administration in particular has been notably more antagonistic on one side of the Atlantic with Trump’s administration showing more support for cryptocurrencies as part of a bigger push to introduce them into the U.S. financial system.

特別是美國政府在大西洋的一側更具敵對性，特朗普的政府對加密貨幣表示了更多的支持，這是將其引入美國金融體系的更大努力的一部分。

The former president has been very vocal in his support of Bitcoin (BTC) and other cryptoassets, pivoting on Friday to post a message on X, formerly Twitter, about the cryptocurrency in response to a user’s comment.

這位前總統在支持比特幣（BTC）和其他加密貨幣方面一直很發聲，並在周五旋轉，以X（以前是Twitter）發布有關加密貨幣的信息，以回應用戶的評論。

"I like Bitcoin. It's a remarkable currency—perhaps the most interesting of our time. I'm not surprised by the Bank of Italy's concerns; they're dealing with the implications of U.S. policy shifts under Trump, which could certainly lead to greater instability in the global financial markets if the U.S. retains the systemic importance we know it does."

“我喜歡比特幣。這是一種了不起的貨幣 - 也許是我們時代最有趣的貨幣。我對意大利銀行的關注點並不感到驚訝；他們在處理特朗普下的政策轉變的含義，如果美國保留我們知道的系統重要性，這肯定會導致全球金融市場的不穩定。

The first Financial Stability Report of the year was published by the Bank of Italy on April 28. In it, the risks that are related to digital assets were described. The report dubs the inherent volatility of cryptocurrencies and how they are emerging as a large part of conventional finances, particularly in the U.S.

意大利銀行於4月28日發表了本年度的第一項財務穩定報告。在其中，描述了與數字資產相關的風險。該報告將加密貨幣的固有波動及其作為常規財務的很大一部分，特別是在美國的大部分

"The high price variability of these assets presents a relevant risk factor for investors and for the financial system as a whole, especially in the case of large price variations in a short period of time, such as those observed in March 2020, when the price of Bitcoin fell by about 60% in a week," the report said.

報告說：“這些資產的高價差異為投資者和整個金融體系提供了相關的風險因素，尤其是在短時間內價格差異很大的情況下，例如2020年3月觀察到的比特幣價格在一周內下降約60％，”

Moreover, the report presents how crypto is increasingly becoming linked with the real economy, and with established financial institutions. The growing integration of this exposure, especially as it spreads from nonfinancial companies and exchange traded funds (ETFs) to pure play crypto firms, may make systemic risk greater.

此外，該報告介紹了加密貨幣如何與現實經濟以及既定的金融機構聯繫在一起。這種風險的融合日益加劇，尤其是當它從非金融公司和交易所交易基金（ETF）傳播到純Play Play Crypto公司時，可能會使系統性風險更大。

"The strong interest of nonfinancial companies in cryptoassets, also via ETFs, and the growing integration of crypto firms' exposure with that of conventional financial firms, in a limited but nonetheless increasing number of cases, may over time create new and broader channels for the transmission of shocks among financial institutions and markets, and thus generate greater systemic risk," the report stated.

“非金融公司在加密和通過ETF中的強烈興趣，以及加密公司與常規金融公司的曝光率不斷增長，在有限但越來越多的案件中，隨著時間的流逝，可能會創造新的和更廣泛的渠道，從而在金融機構和市場之間傳播更大的系統風險，從而產生更大的系統性風險。”

The report also looked at stablecoins, which make use of the U.S. dollar very frequently as the peg. However, if these assets are to become systemic, their reliance on U.S. government bonds as backing could in fact introduce wider financial vulnerabilities.

該報告還研究了穩定的穩定劑，該穩定幣經常使用美元作為釘子。但是，如果這些資產要成為系統性，它們對美國政府債券的依賴實際上可能引起更廣泛的財務脆弱性。

"Stablecoins, if they become systemic, may present stability risks if their price stability is linked to the stability of the U.S. financial system and if they are massively adopted by the nonbank financial system as a means of payment," the report explained.

該報告解釋說：“如果穩定者成為系統性，如果它們的價格穩定性與美國金融系統的穩定性有關，並且非銀行金融體係將其作為支付手段而大規模採用，則可能會出現穩定風險。”

"The Bank of Italy is closely following the evolution of the crypto sector and any potential implications for the stability of the financial system," the report concluded.

報告總結說：“意大利銀行緊隨加密貨幣部門的發展以及對金融體系穩定的任何潛在影響。”

The Italian central bank too expressed its governance concerns regarding the crypto sector. The study identified other risk factors such as the concentration of power among a small number of U.S. based crypto firms and potential conflicts of interest.

意大利中央銀行也對加密貨幣部門表示了治理的關注。該研究確定了其他風險因素，例如少數基於美國加密貨幣公司的權力集中以及潛在的利益衝突。

"The supervision of crypto firms is generally less strict than that of traditional financial institutions and is largely performed by the U.S. authorities, despite the growing presence of firms from other countries," the report noted.

該報告指出：“加密公司的監督通常不如傳統金融機構的嚴格性，儘管來自其他國家的公司的存在日益增長，但美國當局在很大程度上受到了嚴格的監督。”

However, the response from Italy’s banking system is not entirely positive. Intesa Sanpaolo, the country’s largest commercial bank, is apparently also working on its own cryptocurrency project, in a different way to the rest of the country’s financial sector.

但是，意大利銀行體系的反應並非完全積極。該國最大的商業銀行Intesa Sanpaolo顯然也在從事自己的加密貨幣項目，與該國其他金融部門不同。

The president’s administration has been showing more support for cryptocurrencies and a bigger push to introduce them into the U.S. financial system.

總統的政府對加密貨幣表示了更多支持，並更大的推動將其引入美國金融體系。

The administration is also coping with the implications for his case of U.S. policy shifts under Trump, which could certainly lead to greater instability in the global financial markets if the U.S. retains the systemic importance we know it does.

政府還應對特朗普領導下的美國政策轉變的影響，如果美國保留我們知道的系統重要性，這肯定會導致全球金融市場的不穩定。

The statement that if the U.S. retains the systemic importance of cryptocurrencies, then the global financial markets will become more unstable.

如果美國保留了加密貨幣的系統重要性，那麼全球金融市場將變得更加不穩定。