Italy sounds the alert! Mica law is not enough to supervise the systemic risks linked to cryptocurrency. For the governor of the Bank of Italy Fabio Panetta, only one digital euro backed by the central bank can indeed secure the European financial landscape in full change. More details in the following paragraphs!
In short
- The Governor of the Bank of Italy Panetta considers insufficient mica to effectively supervise the risks linked to crypto assets.
- It presents the digital euro as the only stable solution to the challenges of the European Crypto system.
Ineffective mica: Italy pleads for reinforced crypto frame
Mica standards were promulgated in June 2023 and entered into force in December 2024. In its annual report, Fabio Panetta estimates that This crypto regulation does not stimulate the adoption of compliant stablecoins in Europe.
Since the entry into force of the Mica law, only a few stable EMTs have actually been issued. In Italy in particular, the issue of these digital assets has remained marginal (and this, despite the thrust of the Crypto day care and negotiation).
Even more worrying, Crypto via Mica regulations do not protect investors from the risk of unregulated foreign platforms. Concretely, the citizens of the EU remain exposed to the failures of issuers based outside jurisdiction, as pointed out Panetta's report calling for urgent global regulatory cooperation.
The digital euro: a strategic response to the challenges of the Crypto financial system
Faced with these limits, Digital Euro appears as a more structuring response. In this sense, Panetta pleads for an acceleration of the project. The goal: to meet the growing demand for safe and sovereign digital payments.
According to him, in fact, only a public digital currency can offer confidence and functionality expected in the crypto universe. L'Stablecoins explosion In dollars also confirms this urgency.
Tether's refusal to join the mica, considered “dangerous” for the European banking sector by its CEO, only adds to tensions. The European Union therefore plays here an essential card for:
- its monetary sovereignty;
- its economic stability.
While crypto continues to challenge traditional monetary balances, the digital euro is looming as a key tool of resilience. Europe must now go from intentions to action!
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