The governor of the bank of Italy, Banca d’Italia, Fabio Pancalieri, has discussed the possibility of commercial banks’ money becoming fully digital in the future. He made this announcement during a talk with the executive committee of Italy’s banking association on Wednesday, where they were discussing payments, financial infrastructure, and geopolitical challenges.
According to the bank of Italy chief, both digital commercial bank money and central bank money will continue to underpin the monetary system, while stablecoins are expected to serve a complementary role. He pointed out that the stability of stablecoins relies on their peg to traditional currencies, which, in his view, limits their ability to operate independently within the financial system.
It’s worth noting that Panetta’s remarks reflect how European policymakers see the digitalization of money as a long-term, structural trend driven mainly by banks and central institutions, rather than privately issued cryptocurrencies.
The governor emphasized that payments have become a strategic battlefield for banks. He described them as a key area where competition is heating up as technology and politics reshape the global economy.
According to the Italian news agency ANSA, Panetta mentioned that economic variables like investment, trade, and interest rates are increasingly influenced by political decisions rather than market forces.
He added that the global economy’s main driver remains technological power. However, he pointed out that this technological shift is taking place in a less cooperative global environment than during previous industrial revolutions.
Digital Finance becoming a pressure point for banks – Panetta
The Bank of Italy chief highlighted digital finance as a pressure point for banks operating in a world of growing geopolitical fragmentation. At the same time, his comments reflect a cautious approach by the central bank towards stablecoins and privately issued digital currencies.
Meanwhile, Chiara Scotti, Vice Director of the Bank of Italy, issued a warning on September 19, 2025, about multi-issuance stablecoins. Scotti pointed out that this approach could pose significant legal, operational, and financial stability risks to the European Union. She emphasized that such stablecoins should be subject to strict reserve and redemption requirements.
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