意大利银行担心加密货币的重要性日益严重

意大利银行担心加密货币认为数字货币对金融稳定的威胁，他们担心加密货币的重要性日益增长。

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.

意大利银行对加密货币的日益重要性表示担忧，考虑到数字货币对美国总统唐纳德·特朗普（Donald Trump）的一年中对金融稳定的威胁使自己与比特币行业保持一致。

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.

随着世界金融机构应对COVID-19大流行的后果，全球金融角度的差异越来越大。

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.

特别是美国政府在大西洋的一侧更具敌对性，特朗普的政府对加密货币表示了更多的支持，这是将其引入美国金融体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.

这位前总统在支持比特币（BTC）和其他加密货币方面一直很发声，并在周五旋转，以X（以前是Twitter）发布有关加密货币的信息，以回应用户的评论。

"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."

“我喜欢比特币。这是一种了不起的货币 - 也许是我们时代最有趣的货币。我对意大利银行的关注点并不感到惊讶；他们在处理特朗普下的政策转变的含义，如果美国保留我们知道的系统重要性，这肯定会导致全球金融市场的不稳定。

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.

意大利银行于4月28日发表了本年度的第一项财务稳定报告。在其中，描述了与数字资产相关的风险。该报告将加密货币的固有波动及其作为常规财务的很大一部分，特别是在美国的大部分

"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.

报告说：“这些资产的高价差异为投资者和整个金融体系提供了相关的风险因素，尤其是在短时间内价格差异很大的情况下，例如2020年3月观察到的比特币价格在一周内下降约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，该报告介绍了加密货币如何与现实经济以及既定的金融机构联系在一起。这种风险的融合日益加剧，尤其是当它从非金融公司和交易所交易基金（ETF）传播到纯Play Play Crypto公司时，可能会使系统性风险更大。

"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过ETF中的强烈兴趣，以及加密公司与常规金融公司的曝光率不断增长，在有限但越来越多的案件中，随着时间的流逝，可能会创造新的和更广泛的渠道，从而在金融机构和市场之间传播更大的系统风险，从而产生更大的系统性风险。”

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.

该报告还研究了稳定的稳定剂，该稳定币经常使用美元作为钉子。但是，如果这些资产要成为系统性，它们对美国政府债券的依赖实际上可能引起更广泛的财务脆弱性。

"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.

该报告解释说：“如果稳定者成为系统性，如果它们的价格稳定性与美国金融系统的稳定性有关，并且非银行金融体系将其作为支付手段而大规模采用，则可能会出现稳定风险。”

"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.

报告总结说：“意大利银行紧随加密货币部门的发展以及对金融体系稳定的任何潜在影响。”

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.

意大利中央银行也对加密货币部门表示了治理的关注。该研究确定了其他风险因素，例如少数基于美国加密货币公司的权力集中以及潜在的利益冲突。

"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.

该报告指出：“加密公司的监督通常不如传统金融机构的严格性，尽管来自其他国家的公司的存在日益增长，但美国当局在很大程度上受到了严格的监督。”

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，意大利银行体系的反应并非完全积极。该国最大的商业银行Intesa Sanpaolo显然也在从事自己的加密货币项目，与该国其他金融部门不同。

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

总统的政府对加密货币表示了更多支持，并更大的推动将其引入美国金融体系。

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.

政府还应对特朗普领导下的美国政策转变的影响，如果美国保留我们知道的系统重要性，这肯定会导致全球金融市场的不稳定。

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

如果美国保留了加密货币的系统重要性，那么全球金融市场将变得更加不稳定。