ECB director says digital euro will protect EU from threat from other cryptocurrencies

Speaking to the Financial Times on Sunday, June 20, European Central Bank board member Fabio Panetta admitted that having a digital euro is essential for the European Union to face the "threats" of fighting other cryptocurrencies. Panetta's comments come at a definite time when global adoption of cryptocurrencies is increasing. In addition to public cryptocurrencies, a few private players have started to enter the digital currency market, and this is exactly what is making central banks nervous. In addition to guiding consumer privacy, Panetta said a digital euro would help protect the region's monetary sovereignty from other competing cryptocurrencies. The ECB's board noted: “When the central bank is involved in digital payments, privacy is better protected. . . because we are not private companies.” “We have no commercial interest in storing, managing or monetizing users' data. Of course, there is a potential threat from others issuing digital currency. . . he still wants to pay digitally and we don't offer them a digital payment method, someone will offer it." Facebook's Death "Unstable" When Panetta stabbed some private cryptocurrencies, Panetta called Facebook's Death "unstable" and called private He said that the main concern of people with cryptocurrencies is to compromise their privacy. Panetta said that Digital Euro protects its customers from such privacy breaches. He noted that the ECB has found ways to separate people's payment details from their identities. "Payments are made, but no one in the payment chain has access to all information. The director also shared some of the progress the European Central Bank has made in testing Digital Euro offline payments with Bluetooth-connected devices. He noted that the ECB is "testing offline payments for small amounts where no data is recorded outside the wall".

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