Italy’s central bank will soon release guidelines on implementing the European Union’s Markets in Crypto Assets Regulation (MiCA) Regulation to ensure the payment system’s regular functioning, Bank of Italy Governor Fabio Panetta revealed on Tuesday.
In his speech to the Italian Banking Association, Panetta highlighted that MiCA considers electronic money tokens (EMTs) and asset-reference tokens (ARTs) suitable for use as payment means.
EMTs have values tied to a single official currency, while ARTs’ values depend on one or more underlying assets.
Panetta emphasized that EMTs, which can be issued by banks or electronic money institutions, are the only instruments capable of serving as means of payment while fully preserving public trust.