Former European Central Bank (ECB) official and Governor, Bank of Italy, Fabio Paneta has postponed digital euros as an important tool to control the risks around adopting growing cryptocurrency.
Italy’s bank, on 30 May, Issued An annual report with the closing comment of the Governor on the state of the economy. Paneta said that the European Union should move forward Central bank digital currency) Project to maintain financial stability and meet the demand for safe digital payments.
Paneta said, “We will remember to think that the development of crypto-ASTS can only be controlled through rules and restrictions,” Paneta said, warning that the crypto regulation alone cannot address the systemic risks generated by Crypto, and digital euro would be important to address them.
Micah’s limited influence on EU Stabelin
Paneta also addressed the impact of the Crypto regulatory structure of the European Union, Market in Crypto-assets Regulation), Who Entered all strength At the end of 2024.
The governor said, “Since the peacock was implemented, only a few EMT (electronic money token) stabilcoins have been released in the European Union and their circulation is limited so far,” the governor said.
He also said that the asbestos has not promoted any important stabecoin development in Italy:
“In Italy, so far there is very little interest in issuing crypto-assets by supervised middlemen and other operators, while focusing on custodial and trading services has been focused.”
He said that Mica has encouraged businesses to report whether they plan to launch Crypto Asset Services or intend to apply for the authority to do so.
Risk arising from foreign platforms
Providing some protection to European investors, Mica has not fully saved the risks associated with “inequality in regulatory approaches” globally, Panteta argued.
He said, “Citizens of the European Union may come in contact with the failures of platforms or issuers on the basis of other courts that have sufficient control or lack of necessary transparency and operational safety,” he said.
He called for strong international cooperation and urged the European Union to lead the establishment of global regulatory standards.
Digital euro is eventually the right tool
Paneta argued that only a digital euro supported by the central bank, may offer necessary confidence and functionality in the changing payment scenario:
He said, “What is needed is a reaction that matches the ongoing technical change, which is capable of meeting the demand for safe, skilled and accessible digital payments tools, preserving the role of the central bank,” he said. “Digital Euro Project is properly stems from this need.”
Paneta’s comment echoes the promoted agenda by Pierro Cipolon, a member of the ECB Executive Board, which has Advocating the launch of a digital euroUS dollar citing increasing popularity of stablecoins, which Now make 97% of the entire stabecoin market.
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Earlier, a member of the ECB Executive Board, Paneta resigned in October 2023, later with his position filled by Sipolon.
Paneta’s report came after Tither, the world’s largest US dollar-paved stabeloin, USDT issuer (USDT, Defeated his decision to quit asbestos registration For USDT in early May.
Tedhar CEO Paolo Erdoino said at a time, “Micah license is very dangerous when it comes to Stabechines, and I believe that small, medium banking system in Europe is even more dangerous.”
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