Yes, exactly — the ricevuta (receipt) is your legal basis for staying in the country while you wait for the card. With it you can even register as a resident at the comune without waiting for the actual permesso (residence permit) — that’s how it worked for a friend in Prato, who did it through a patronato in a couple of weeks. Just always keep a copy on you; I was asked for it about three times for different things.
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