Private digital currencies can’t replace CBDCs – ECB’s Panetta
The existence of “private digital means of payment” doesn’t negate the need for central bank digital currencies (CBDC), European Central Bank (ECB) Executive Board Member Fabio Panetta (pictured left) said on Friday.
In a speech delivered at the Elcano Royal Institute in Madrid, Panetta noted that CBDCs play an important role in upholding confidence in the currency and ensuring the “smooth functioning of the payment system.”
“We are working to make the digital euro an attractive means of payment for everyone – households, firms, merchants and intermediaries alike – so that it can play its intended role as the necessary monetary anchor for the digital era,” he underlined.
Get involved!
Comments