Fabio Panetta, former Governor of the Bank of Italy and ECB official, raises critical questions about the implementation of the digital euro.
Fabio Panetta's Stance on the Digital Euro
Fabio Panetta stated that the digital euro is a crucial tool for controlling risks associated with the rise of cryptocurrencies. In his report, he noted that the European Union must continue the development of the central bank digital currency (CBDC) project to ensure financial stability.
Limited Impact of MiCA Regulation
In his speech, Panetta also addressed the impact of the new EU regulatory framework, which came into effect in late 2024. He emphasized that since the introduction of MiCA, only a few stablecoins have been issued, and their circulation remains limited. He noted that there has been little interest in the issuance of crypto assets by supervised intermediaries in Italy.
Risks from Foreign Platforms and Need for International Cooperation
Panetta also highlighted the risks associated with global regulatory heterogeneity, which could expose European investors to risks from overseas platforms. He called for stronger international cooperation and emphasized the importance of establishing global regulatory standards.
Fabio Panetta's remarks underline the necessity of a digital euro to ensure the security and reliability of digital payments amid the growing influence of cryptocurrencies.
