Any digital store of value or medium of exchange (currency) that’s stored on the blockchain. Cryptocurrencies and blockchain are regulated at early bitcoin wallets the legislative level in Italy under Legislative Act no. 90. The decree in 2017 grouped cryptocurrency exchanges with foreign currency exchanges. Although the decree states that cryptocurrencies are not issued by the central bank and are not correlated with other currencies, it is a virtual currency used as a medium of exchange for goods and services. The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement. The 2022 bear market has caused many people in the cryptocurrency industry to question the viability of cryptocurrencies as a whole. While some crypto supporters believe that markets will eventually stabilize and that cryptocurrencies will continue to gain value over time, others are more pessimistic about the future for cryptocurrencies as a whole.