Italy's central bank, the Bank of Italy, which is headed by Governor Fabio Panetta, announced yesterday it will publish guidelines on how to apply the new European Union regulations on cryptocurrencies in the coming days, Reuters has reported.
These guidelines are intended to facilitate the implementation of the rules and protect holders of certain cryptocurrencies.
According to MiCA, there are two main types of tokens: asset reference tokens (ARTs) and electronic money tokens (EMTs).
However, the Bank of Italy has determined that only EMTs are suitable for use as a means of payment and can maintain public confidence.
This is because the value of an EMT is linked to a single official currency, while the value of an ART is based on one or more assets.