Tag: Panetta

ECB’s Panetta Says CBDCs ‘Likely’ to Be Legal Tender: Report

Central bank digital currencies (CBDCs) will probably become legal tender in the jurisdictions of their issuance, the European Central Bank’s (ECB) Fabio Panetta said. Panetta, a member of the ECB’s executive board, said this was “likely” at a panel in Helsinki on Tuesday, according to a Bloomberg report. However, this status “should not be taken for granted,” he added. CBDCs being legal tender would give them an edge over other payment options provided by private companies and help achieve wider use by the public. “It would be quite awkward not…

Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says – Finance Bitcoin News

The digital euro should be an attractive means of payment but its design should prevent it from becoming so successful as a store of value that it threatens banks and private money, according to Fabio Panetta, a high-ranking executive at the European Central Bank. Panetta stressed that both this paradox as well as the need to issue a successful CBDC need attention. Europe’s Digital Currency to Complement Cash and Be Monterey Anchor While cash currently provides people with access to central bank digital money, its importance in payments is declining…

ECB’s Panetta Says Digital Euro Should Expand Overall Payment Solutions

Fabio Panetta, a member of the European Central Bank’s (ECB) executive board, detailed the roadmap for the successful inclusion of a “digital euro” on Friday. The ECB is examining whether to introduce a central bank digital currency (CBDC) for retail payments, Panetta said in a speech at the Elcano Royal Institute, Madrid. If payment trends in the European Union (EU) continue, cash could quickly lose its central role and become a redundant way of settling bills. “Just as the postage stamp lost much of its usefulness with the arrival of…