Italian central bank governor: Stablecoins can only play a supplementary role in the monetary system.
PANews reported on January 21 that, according to Cointelegraph, Fabio Panetta, Governor of the Bank of Italy, stated that commercial bank money and central bank money will continue to serve as the cornerstone of the monetary system, while stablecoins will only play a supplementary role. He pointed out that the stability of stablecoins ultimately depends on their peg to fiat currency, which limits their ability to operate independently within the financial system. Panetta believes that payments have become a core strategic area of competition for banks; against the backdrop of a global economic shift towards technological power and a fragmented geopolitical environment, digital finance is putting pressure on banks.
The Bank of Italy maintains a cautious stance on stablecoins. Its deputy governor previously warned that "multi-issuer stablecoins" issued in multiple jurisdictions could pose legal, operational, and financial stability risks to the EU, thus requiring them to be confined to areas with equivalent regulatory standards and subject to strict reserve requirements.
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