than just a few years ago. the federal reserve ’ s most recent survey of household economic decisionmaking found that 12 percent of adults used or held cryptocurrency in the past year, and more than 90 percent of these adults held them for investment purposes rather than payments. 4 the pew research center put the number of users even higher at 16 percent, and other polls as high as 20 percent. 5 some of these users are seasoned professional investors, but others, of course, are not — they ’ re attracted to a new and complicated market by curiosity, by stories of newly minted crypto billionaires, or by promises of high and reliable returns on their life savings. 6 christopher j. waller, “ reflections on stablecoins and payments innovations ” ( remarks at the financial stability conference, cleveland, oh ( via webcast ), november 17, 2021 ), https : / / www. federalreserve. gov / newsevents / speech / waller20211117a. htm. board of governors of the federal reserve system, economic well - being of u. s. households in 2021, ( washington : board of governors, may 2022 ), https : / / www. federalreserve. gov / publications / files / 2021 - reporteconomic - well - being - us - households - 202205. pdf. thomas franck, “ one in five adults has invested in, traded or used cryptocurrency, nbc news poll shows, ” cnbc, march 31, 2022, https : / / www. cnbc. com / 2022 / 03 / 31 / cryptocurrency - news - 21percent - of - adults - have - tradedor - used - crypto - nbc - poll - shows. html ; andrew perrin, “ 16 % of americans say they have ever invested in, traded or used cryptocurrency, ” pew research center, november 11, 2021, https : / / www. pewresearch. org / facttank / 2021 / 11 / 11 / 16 - of - americans - say - they - have - ever - invested - in - traded - or - used - cryptocurrency /. anthony cuthbertson, “ ‘ i lost my life savings ’ : terra luna cryptocurrency collapses 98 % overnight, ” yahoo! news, may 11, 2022, https : / / news. yahoo. com / lost -

behind the initial recovery plans, partly due to the suspension of enforcement proceedings during the most acute phases of the pandemic. as for government - guaranteed operations, the older ones have the largest deviations as their recovery plans were drawn up less rigorously. the recent rise in market yields has also increased the interest payable to holders of bonds, often at floating rates, issued by special purpose vehicles against nonperforming loans thus reducing the share of the collection used to repay the principal. at the end of 2022, the total amount of outstanding government - guaranteed senior bonds was around €12 billion. if we consider the few operations whose recoveries, according to the updated plans, would not be sufficient to fully repay the senior bonds, the total enforced guarantee could amount to around €220 million. however, this sum should be covered by the provision funded by fees paid by banks for granting the guarantee and by the amounts already earmarked in the public budget for this purpose, without the need for further government funding. some recent regulatory reforms have addressed specific intermediaries'business lines, such as crowdfunding services, and specific products, such as covered bonds and securitizations. this has resulted in potentially more effective safeguards. however, to maintain a comprehensive overview of the risk exposure of supervised entities, we should always consider these operations as part of their overall corporate management. in this respect, we are committed to strengthening cooperation and dialogue between the various authorities involved. financial services and technology 5 / 11 bis - central bankers'speeches technological innovation is reshaping the financial services industry, making it possible for intermediaries to overcome the barriers created by the need for physical interaction with customers, to achieve cost savings, and to test new forms of cooperation with supervised and non - supervised entities. while intermediaries should seize these opportunities by adjusting their business models as needed, neither they nor the supervisory authorities should underestimate the risks of technological change. last year, we conducted a survey of the digitalization strategies of the less significant banks to encourage debate on these issues. we found widespread awareness of the importance of investing in technological innovation, albeit only as a means to increase business volumes and revenues by reaching customers who cannot be served by the physical distribution network. the potential for development in terms of cost - cutting and of process and product innovation was less of a consideration. more marginal still was understanding the value of the information acquired in the context of financial intermediation. developing good