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

PANews, January 21 — 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 can 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 area of strategic competition for banks; as the global economic focus shifts toward technological power and the geopolitical environment becomes increasingly fragmented, digital finance is putting pressure on banks.

The Bank of Italy maintains a cautious stance on stablecoins. The bank's deputy governor previously warned that "multi-issuer stablecoins" issued in multiple jurisdictions could pose legal, operational, and financial stability risks to the European Union. Therefore, such stablecoins should be restricted to areas with equivalent regulatory standards and be subject to strict reserve requirements.