In January 2015, Bank of Italy released a statement236 stating that virtual coins are "the digital representation of a value, not issued by a Central Bank or Public Authority, [...] used as an exchange instrument or held for investment, which may be transferred, stored and negotiated electronically", and that "they are not legal tenders and must not be confused with e-money".
Bank of Italy also discouraged Italian regulated intermediaries from entering into virtual coins' transactions and clarified that virtual coins' transactions may give rise to breaches of the applicable financial and banking laws and regulations (including those on licensing requirements).
