On 12 February 2018, Mario Draghi (President of the European Central Bank) expressed the view that Bitcoin cannot represent a valid alternative to legal tenders. Mr. Draghi pointed out that Bitcoin would be better defined as a “speculative asset, which allows people to gamble for a gain, but with the risk of losing their entire investment”. In parallel, on the same day the main European financial regulators warned consumers that virtual currencies are not regulated by EU law. As a result, consumers buying virtual currencies will not benefit from any of the consumer protections applicable to regulated financial services. It is worth noting that the Italian National Commission for Companies and the Stock Exchange (“Consob”) has consistently considered investments in cryptocurrency as investments in a financial product and subject to the provisions of the Italian Consolidated Financial Act (see Consob Resolution no. 20207 of 6 December 2017). Specifically, Consob has considered certain investments in cryptocurrency as financial products, based on their specific features such as investment of capital, an expectation of a return on that investment and the assumption of risk.