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Bank of Italy Governor: Stablecoins Can Only Play a Complementary Role in the Monetary System
BlockBeats News, January 21st. According to Cointelegraph, Fabio Panetta, the Governor of the Bank of Italy, stated that commercial bank money and central bank money will continue to play a key role in the monetary system, while stablecoins can only serve a complementary 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 competition area for banks; against the backdrop of the global economic center shifting towards technological power and a more fragmented geopolitical environment, digital finance is putting pressure on banks.
The Bank of Italy maintains a cautious stance on stablecoins. The Deputy Governor of the bank had previously warned that stablecoins issued in multiple jurisdictions, known as "multi-collateral stablecoins," could bring legal, operational, and financial stability risks to the European Union. Therefore, there is a need to confine them to regions with equivalent regulatory standards and impose strict reserve requirements.
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