A high level European Central Bank exec has provided an update on the progress of the digital Euro project while using PayPal’s stablecoin as an example of what they don’t want.
On Sept. 4, Fabio Panetta, ECB Executive Board member at the Committee on Economic and Monetary Affairs of the European Parliament, said the central bank was nearing the end of its research and investigation phase.
The ECB first published a report on a CBDC in October 2020, and three years later, they’re ready to move forward.before adding that this would give people the right to have access to and pay with the digital Euro. The second major part is a new payment solution based on the CBDC. It would have “enhanced privacy and data protection,” according to Panetta, who didn’t elaborate. Risks related to money laundering and terrorism financing would be minimized, he added.launched“We should not leave it to the private sector alone, including big techs, to provide such services,” he said.
He warned about firms such as PayPal generating revenue and creating monopolies, but this is exactly what banks do.Centralized private companies would also retain full control over their stablecoins.a central bank maintains over what is essentially programmable money would be even greater, but that was also not mentioned by the ECB executive.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
European Central Bank (ECB) Supervisory Board Member Edouard Fernandez-Bollo SpeaksGet the ECB Supervisory Board Member Fernandez-Bollo Speaks results in real time as they're announced and see the immediate global market impact.
Leer más »
ECB’s Wunsch cites persistent inflation to back the need to “do a little bit more”“I’m inclined to say we maybe need to do a little bit more,” said the Belgian Central Bank Governor and European Central Bank (ECB) Governing Council
Leer más »
China’s digital yuan must be available in all retail scenarios, says central bank official'Standardizing QR codes' for payment systems dominated by WeChat Pay and Alipay would be an essential step for e-CNY development, the official said.
Leer más »
Kazakhstan names former economy minister Suleimenov as central bank chief By ReutersKazakhstan names former economy minister Suleimenov as central bank chief
Leer más »
Indian central bank-backed NPCI begins blockchain recruitmentThe senior leadership role demands an in-depth technical understanding of multiple blockchain platforms and previous experience working on at least two pilot blockchain projects.
Leer más »
Singapore picks Chia Der Jiun as central bank head from next yearSingapore named Chia Der Jiun as chief of its central bank on Monday, replacing Ravi Menon, the Monetary Authority of Singapore (MAS) said.
Leer más »