Bank of Italy Chief Demands EU Accelerate Digital Euro Launch—Before Legacy Banks Get Left Behind

Europe’s financial dinosaurs face a crypto reckoning as Italy’s central bank governor pushes Brussels to fast-track a digital euro. The move comes as private stablecoins and decentralized finance continue eating traditional banking’s lunch.

No more dragging feet—the EU either builds its own CBDC or gets stuck holding worthless fiat bags while the blockchain revolution marches on. After all, what’s slower: TARGET2 settlements or bureaucratic decision-making?

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The call comes amid growing concern in Europe over the dominance of U.S. dollar stablecoins. ECB board member Piero Cipollone has also flagged this trend as a strategic risk, echoing Panetta’s call for a public digital alternative. Meanwhile, stablecoin issuer Tether has rejected MiCA compliance, calling the framework a threat to smaller European banks.

Panetta stepped down from the ECB in late 2023 and now leads Italy’s response to the shifting global payments landscape.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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