Golden Finance reported that during the World Savings Day event held on October 31, Italian Minister of Economy and Finance Giancarlo Giorgetti rebutted criticism of the plan to raise the capital gains tax on cryptocurrencies like Bitcoin to 42%. Giorgetti stated that digital assets carry "extremely high risks," and a 42% capital gains tax on crypto is necessary. Previously, the Italian Council of Ministers approved a budget bill to raise the capital gains tax on Bitcoin from 26% to 42%. The proposed tax increase still requires review and approval by Italian lawmakers before it can be implemented.