The Bank of Italy (Banca d’Italia), called for thorough stablecoin regulations in a report published on June 28.
Bank questions the reliability of stablecoins
The central bank described cryptocurrency regulation in general but emphasized a need to regulate stablecoins, which it alleges “have not proved stable at all.”
The bank said that algorithmic stablecoins have “inherent fragility” and added that other stablecoins suffer from price volatility and have speculative uses.
The Bank of Italy cited the collapse of the algorithmic stablecoin TerraUSD (USTC) and a lesser price depeg involving the collateralized stablecoin Tether (USDT) as issues. It said that regulators “cannot fail to take action” in light of these events.
The bank also suggested that the diffusion of stablecoins could promote innovation in the area of decentralized finance (DeFi) and create connections to traditional finance. As such, it said that stablecoin and DeFi regulations should be “well synchroniz
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