ECB executive board member talks about current state of digital euro CBDC res...
Fabio Panetta outlined recent findings and remaining challenges while emphasizing the necessity of a well designed European CBDC. European Central Bank executive board member Fabio Panetta provided an overview of the central bank’s current research on a retail central bank digital currency Friday when he spoke at the IESE Business School Banking Initiative Conference on Technology and Finance. Panetta said the issuance of central bank digital currencies, or CBDCs, is “likely to become a necessity,” but warned that “they should not become a source of financial disruption that could impair....
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"Keeping total digital euro holdings between one trillion and one and a half trillion euro would avoid negative effects for the financial system,” said Fabio Panetta. Fabio Panetta, an executive board member of the European Central Bank, or ECB, proposed the central bank limit the total holdings of a digital euro in an effort to prevent the digital currency from being used as a form of investment.In a Wednesday speech for the Committee on Economic and Monetary Affairs of the European Parliament, Panetta hinted the ECB could cap the number of digital euros between 1 and 1.5 trillion tokens.....
The ECB weights in favor of incorporating a digital euro. The vision’s details were shared by Fabio Panetta, a member of the executive board of the European Central Bank (ECB). The possibility of a European CBDC for retail payments started being discussed at the beginning of the year by the central bank and was put […]
Unlike private companies, the ECB has “no commercial interest” in monetizing users’ data, the ECB executive board member argued. European Central Bank (ECB) executive board member, Fabio Panetta, has argued that a digital euro offers superior privacy protections than privately issued stablecoins.Panetta criticized the profit motive of private firms, emphasizing it is in their commercial interests to harvest masses of data on their users.“We are not like private companies,” the board member told Financial Times. “We have no commercial interest in storing, managing, or monetizing the data of....
The German central bank is considering alternatives to CBDC as a digital payment solutions Burkhard Balz, a German politician and executive board member of the country's central bank, said in a speech on Oct. 20 that it was crucial to build tools to restrict how the digital euro is used upon launch.Balz emphasized that people should only be able to use the central bank-backed digital euro as a mode of payment and not as a store of value. If the central bank digital currency has the same characteristics as traditional money, depositors could withdraw their funds in times of a crisis by....
The European Union’s finance chief announced that a bill introducing a digital euro will be hitting tables in European parliament as early as 2023. The European Commission has announced that a bill for a digital euro will be proposed in 2023. As first reported by Politico, EC finance chief Mairead McGuinness officially disclosed the EU’s formal consideration of digital euro legislation at a fintech conference on Wednesday. "Our goal is to table legislation in early 2023,” the Commissioner for Financial Service said. “A targeted legislative consultation in the coming weeks."The European....