Governor of the Bank of Italy: Stablecoins can only play a supplementary role in the monetary system

According to Cointelegraph, the Governor of the Bank of Italy, Fabio Panetta, stated that commercial bank money and central bank money will continue to serve as the cornerstones of the monetary system, while stablecoins can only play a supplementary role. He pointed out that the stability of stablecoins ultimately depends on their peg to fiat currencies, which limits their ability to operate independently within the financial system.

Panetta believes that payments have become a core strategic competitive area for banks; against the backdrop of the global economic shift towards technological power and a diverging geopolitical environment, digital finance poses pressure on banks. The Bank of Italy maintains a cautious stance on stablecoins.

The Deputy Governor of the bank had previously warned that "multi-issuer stablecoins" issued across multiple jurisdictions could pose legal, operational, and financial stability risks to the EU, and therefore should be restricted to regions with equivalent regulatory standards and subjected to strict reserve requirements.