Bank of Italy governor Fabio Panetta said commercial bank money and central bank money will anchor the future digital monetary system.
Panetta said stablecoins can only play a complementary role because their stability depends on fiat currency pegs.
He made the remarks while addressing the executive committee of Italy’s banking association.
Panetta said digitalisation of money is a long-term structural trend led by banks and public institutions.
He argued that stablecoins lack the independence needed to function as a core monetary anchor.
Panetta said payments have become a strategic battleground for banks amid rapid technological change.
He added that political decisions now play a growing role in shaping trade, investment, and interest rates.
Panetta said technological power is increasingly driving shifts in the global economic balance.
He warned that digital finance is evolving in a more fragmented and less cooperative geopolitical environment.
The comments align with the Bank of Italy’s cautious stance on privately issued digital money.
Officials have previously warned that multi-issuance stablecoins could pose risks to EU financial stability.