At a World Savings Day event on Oct. 31, Italy's economy and finance minister, Giancarlo Giorgetti, pushed back against criticism of plans to raise capital gains taxes on cryptocurrencies such as bitcoin to 42 percent. Giorgetti said digital assets were "extremely risky" and that a 42 percent tax on crypto capital gains was necessary. Previously, the Italian Council of Ministers approved a budget bill to increase the capital gains tax on bitcoin from 26% to 42%. The proposed tax increase still needs to be reviewed and approved by Italian lawmakers before it can be implemented.