Italian Securities and Exchange Commission Issues Warning on Crypto Investments

The Italian Securities and Exchange Commission has warned that the increasing number of Italians who are not financially savvy may pose risks to investing in cryptocurrencies. The agency’s annual study of Italian investment trends shows a surge in private investor interest in online trading and cryptocurrencies. Private saving in Italy is high, yet financial literacy is low. Italians have more than 1.4 trillion euros in their private bank accounts, so investment potential is huge. But only half of the 2,700 people surveyed could answer basic financial questions. In addition, nearly 40% of respondents said they received investment advice from friends and family rather than professional advisors.